Checking Account
True or False?
Debit cards can be used for ATM transactions but not to make purchases?
False
True or False?
Savings accounts are insured by the FDIC, the same as checking accounts?
True
Overdraft protection helps you avoid?
a) Make more money
b) Buy more stuff
c) nonsufficient fund fees
d) Give more money to Mr. Henry
c) Nonsufficient Fund Fees
Hairstyling and bookkeeping are examples of
a. Present value
b. Future value
c. Goods
d. Services
d) Services
Who is Mr. Henry's favorite sports team?
a) Orlando Magic
b) Philadelphia Eagles
c) Florida State Seminoles
d) Miami Dolphins
b) Philadelphia eagles
If you set aside $1000 for one year at 6% simple interest how much interest will you earn at the end of one year?
$60
a) check
b) late fees
The amount of goods and services available for sale is called
a. Demand
b. Reserve
c. Supply
d. Economy
C) Supply
When is Mr. Henry's Birthday?
a) September 19th
b) December 19th
c) March 19th
d) July 3rd
b) December 19th
Which banking activities cannot be done on the Internet?
a) Pay Bills
b) Deposit Money
c) Withdraw Money
d) All the above
C) Withdraw Cash
8. You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?
A. Groceries and eating out
B. Rent
C. Cell phone bill
D. Bedroom furniture
b) Rent
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)overdraft fees
b)service fees
c)atm fees
d)over spending fee
a) overdraft fees
The central banking organization of the United States is called
a. Bank of America
b. United States reserve bank
c. Federal reserve bank
d. Federal reserve system
D. Federal reserve system
What is Mr. Henry's Chick fil a order?
a) 8 nuggets and fries
b) chick fil a sandwich and fries
c) 4 count chicken strips and mac n cheese
d) 3 count chicken strips and Large fires
a) 8 nuggets and fries
24. Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.
A. employer, bills
B. employer, paycheck
C. parents, allowance
D. state government, taxes
b) employer, paycheck
Janelle's family earns about $60,000 per year. She has been accepted to College A and College B and is comparing their financial aid packages. College A has a sticker price of $28,000 and net price of $12,000. College B has a sticker price of $60,000 and net price of $9,000. Which statement below is FALSE?
A. It will cost less to attend College A
B. College B is providing Janelle more grants and scholarships
C. College A has a lower sticker price than College B
D. It will cost less to attend College B
a) it will cost less to attend College A
How often do customers typically receive a bank statement for their checking account?
a) Daily
b) weekly
c) Monthly
d) Annually
C) monthly
What is Net Worth?
a) how much money is in someone's checking account
b) how much money is in someone's checking and saving account
c) The total wealth someone is worth
d) How much someone makes in 1 year
c) The total wealth someone id worth
What college did Mr. Henry attend?
a) UCF
b) FAMU
c) BCU
d) VUU
Which of the following transactions will REDUCE your checking account balance immediately?
A. Writing your monthly rent check which you will mail tomorrow
B. Using your debit card to pay for groceries at the supermarket
C. Using your credit card to pay for your school books
D. Depositing a check at a local bank branch
B) Using your debit card to pay for groceries at the supermarket
You are putting together your first post-graduation budget. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. How would you describe your budget?
a)You have a surplus of $125
b)You have a deficit of $125
c)You have a deficit of $2,625
d)You have a surplus of $2,500
b) you have a surplus $125
When signing up for a new checking account you answer "No" and opt out of overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
a) Your account will be closed
b) You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn
c) Since you declined overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied
D) The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed
c) Since you declined overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied
Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?
a) Maggie, because her income minus her net worth is a smaller amount than Samantha’s.
b) Samantha, because her income minus her net worth is a larger amount than Maggie’s.
c) Maggie, because her net worth is higher than Samantha’s.
d) Samantha, because her annual income is higher than Maggie’s.
c) Maggie, because her net worth is higher than Samantha’s.
Who does Mr. Henry consider the Greatest of All Time (G.O.A.T) in basketball?
a) Kobe Bryant
b) Michael Jordan
c) Lebron James
d) Shaquille O'neal
D) Shaquille O'neal