Banking
Which type of account is typically considered “a put and take account”?
1) Checking acct
2) Savings acct
1) Checking acct
When using a debit card the consumer pays...
1) now - $$ comes out of checking account
2) later - pay once monthly billing cycle is complete
1) now - $$ comes out of checking account
When using a credit card the consumer pays...
1) now - $$ comes out of checking account
2) later - pay once monthly billing cycle is complete
2) later - pay once monthly billing cycle is complete
A savings account is also known a your ____________ savings
Emergency
What's the purpose of balancing or monitoring your bank account activity?
1) To help calculate your current account balance
2) To prevent an overdraft from your account
3) To be mindful about your spending habits
4) All of the above
4) All of the above
Setting up _____________________ for recurring bills can help ensure you pay your bills on time with no hassles.
1) Automatic Payments
2) Online/Mobile Banking
3) Direct Deposit
4) Overdraft
1) Automatic Payments
Which of the following is an unnecessary fee associated with a credit card?
1) APR
2) Interest Rate
3) Annual Fee
4) Late Fee
3) Annual Fee
A major part of society uses ______________________ for their paychecks. This is when funds are electronically deposited into your checking account.
Direct Deposit
If deposit insurance is more important to you when selecting a financial institution, you are most concerned with...
1) Location/Convenience
2) Safety
3) Interest Earned
4) Fees
Safety
When you make a purchase or other transaction that is more than the amount in your checking or savings account, the bank may decline the charge due to _________________________.
1) Overdraft
2) Automatic Payments
3) Insufficient Funds
4) Missed Payments
3) Insufficient Funds
A consumer who overuses their credit card runs the risk of...
1) Raising their credit score
2) Obtaining future loans with low interest rates
3) Not being able to make payment(s) on time
4) Paying lower insurance rates
3) Not being able to make payment(s) on time
Which type of account is typically considered “a put and take account”?
1) Interest rates earned, if any
2) Minimum balance required
3) Services - ATM, online banking, mobile apps, etc.
4) All of the above
4) All of the above
_____________________ banking, allows consumers to monitor their accounts, including transaction history and their balance, simply by logging in.
Online/Mobile
Depositors can record & monitor checking account transactions is in their _______________________
Checkbook Register
What is the average APR rate on credit cards? (Range)
16% - 24%
Banks often waive their maintenance fee if you keep a ____________________ amount in your account.
Minimum
Generally speaking, your financial institution can charge an ________________fee when you spend more money than you have in your account.
Overdraft
What are 4 items that belong on a deposit slip?
Name, date, Acct. #, Check #, cash deposited/received, subtotal, net deposit.
What can you do if you are under 21, have no proof of income, and want to get your first credit card?
Which of the following is a unique feature of credit unions?
1) They offer a wide variety of banking services
2) Credit unions are insured by FDIC
3) Credit union charge higher interest on loans
4) Credit unions are typically owned and run by their members
4) Credit unions are typically owned and run by their members