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Checking Accounts
Savings Accounts
Banking Fees
Challenges/Strategies to save
Random Unit questions
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100

True or False: When you deposit your money at a community or online bank, your money is insured by the FDIC up to $250,000.

  1. True
  2. False

1. True

100

Which of the following is typically a feature of a savings account but not a checking account?

  1. Ability to withdraw money from an ATM
  2. FDIC insured up to $250,000
  3. Your money earns interest
  4. Ease of making payments using a debit card

3. Your money earns interest

100

True or False: Overdraft protection is a required feature of most checking accounts with no ability to opt out.

False. Overdraft protection is optional.


100

True or False: When calculating the percentages for each budget category, you should use your pre-tax income

False.  Budget category values are calculated using post-tax income

100

What does it mean to live paycheck to paycheck?

  1. Saving a portion of your paycheck for emergencies
  2. Having multiple sources of income to cover expenses
  3. Struggling to cover your financial needs with each paycheck
  4. Enjoying a comfortable lifestyle without worrying about money

3. Struggling to cover your financial needs with each paycheck

100

Who wrote Romeo and Juliet?
1. Charles Dickens
2. William Shakespeare
3. Jane Austen
4. Mark Twain

2. William Shakespeare

200

Which of the following is usually a benefit of being a member at a credit union?

  1. Higher interest rates and lower fees
  2. Lower interest rates and higher fees
  3. Higher interest rates and higher fees
  4. Lower interest rates and lower fees

1. Higher interest rates and lower fees

200

Tyreke has $5,000 to put into an account that earns compound interest.  Which of the following is the BEST advice you can offer so that he can maximize interest?

  1. It’s ok to open an account with a low interest rates as long as you deposit your money early
  2. Deposit your money as early as possible in an account with the highest interest rate possible
  3. Wait for interest rates to rise above 5%, otherwise compounding doesn’t have any effect
  4. Compound interest will not have any effect at such a low dollar amount.  Find different opportunities to earn interest on your savings.


2. Deposit your money as early as possible in an account with the highest interest rate possible

200

What is an overdraft fee?

1. A fee for keeping too much money in your savings account.
2. A fee charged by a bank when you spend more money than you have, and the bank covers the purchase.
3. A fee for transferring money between your checking and savings accounts.
4. A fee charged by a bank for closing your account early.

2. A fee charged by a bank when you spend more money than you have, and the bank covers the purchase.

200

Which strategy will help you save the most money?

  1. Wait until the end of the month and add any money that you have not spent to your savings account.
  2. On the last day of each month, deposit a fixed $10 to your savings account.
  3. As soon as you receive your paycheck, put a fixed amount or percentage of your money directly into your savings.
  4. Wait to deposit into your savings account only when you have a large lump sum of money.

3. As soon as you receive your paycheck, put a fixed amount or percentage of your money directly into your savings.

200

Danielle is unbanked and is considering using a prepaid card.  Which of the following would be BAD information to give her about prepaid cards?

  1. Prepaid cards are a good way to build credit because they work like credit cards
  2. Prepaid cards can have a lot of fees associated with them including transaction and loading fees
  3. Prepaid cards are generally accepted anywhere that debit and credit cards are accepted
  4. Prepaid cards are a viable way for the unbanked to complete online transactions


1. Prepaid cards are a good way to build credit because they work like credit cards

200

Who was the first African American to play in Major League Baseball in the modern era?

1. Willie Mays
2. Hank Aaron

3.Jackie Robinson
4. Satchel Paige


3. Jackie Robinson

300

Daisy reads her bank statement and finds an error.  She should… 

  1. Do nothing. The bank will correct the error at the end of the month.

  2. Call the FDIC. She is insured up to $250,000.

  3. Call the bank. The bank will investigate the transaction to see if it was an error.

  4. Assume that it’s a transaction that she made and forgot about 

3. Call the bank. The bank will investigate the transaction to see if it was an error.

300

Which of the following is TRUE when comparing savings accounts and certificates of deposit?

  1. Savings accounts are FDIC insured while certificates of deposit are not
  2. Savings accounts allow you to access your money at all times while certificates of deposit require your money to be left alone for a set period of time
  3. Savings accounts typically have a higher interest rate than certificates of deposit
  4. Both savings accounts and certificates of deposit allow you to deposit money at any time


2. Savings accounts allow you to access your money at all times while certificates of deposit require your money to be left alone for a set period of time

300

Which of the following statements is TRUE about overdraft fees?

  1. You are legally required to have overdraft protection for your account
  2. They are charged if you fail to meet the minimum balance requirement
  3. You are charged when more money is withdrawn from your account than it has available 
  4. They are a one-time payment made by the bank to the account holder

3. You are charged when more money is withdrawn from your account than it has available 

300

How can credit cards make it more challenging to save? 

  1. Many banks will not let you open a savings account when you have a credit card
  2. You will be charged a fee for every credit card transaction
  3. Retailers mark up purchases if you use a credit card
  4. Credit cards make it easier to spend money

4. Credit cards make it easier to spend money

300

What is the primary purpose of a digital wallet?

  1. Digital wallets facilitate sharing money within a group
  2. Digital wallets focus on contactless transactions with businesses
  3. Digital wallets store cash in digital form
  4. Digital wallets provide expense tracking for making budgets

2. Digital wallets focus on contactless transactions with businesses

300

Which artist has had multiple songs reach #1 on the Billboard Hot 100 in 2025?

1. Sabrina Carpenter
2. Kendrick Lamar
3. Alex Warren
4. Bad Bunny

2. Kendrick Lamar

400

All of the following are reasons to open a checking account EXCEPT… 

1. Making it easier to pay bills

2. The ability to make purchases with a debit card

3. Access to cash at an ATM

4. Earn interest on your deposits 

4. Earn interest on your deposits

400

Someone wants to save money for a car they plan to buy in the next 8 months. Which account would be the BEST choice?

1. Certificate of Deposit (CD) with a 2-year term
2. Traditional Savings Account
3. Money Market Account
4. Retirement Account (401k or IRA)

2. a traditional savings account keeps the money safe and accessible in the short term, unlike CDs or retirement accounts.

400

All of the following are ways that you could potentially avoid a monthly maintenance fee on your account EXCEPT… 

  1. Meeting a monthly minimum balance requirement
  2. Only banking online instead of using physical bank locations
  3. Having both a checking and savings account with the same bank
  4. Finding a bank that offers accounts with no monthly maintenance fee


2. Only banking online instead of using physical bank locations

400

When developing a savings plan, which is TRUE about saving and inflation?

  1. In order to avoid losing purchasing power over time, the rate of return for savings accounts should be at least as high as the rate of inflation
  2. In order to avoid losing purchasing power over time, the rate of return for savings accounts should be lower than the rate of inflation
  3. To maximize saving, the rate of return for savings accounts should be exactly equal to the rate of inflation
  4. There is no relationship between saving and inflation

1. In order to avoid losing purchasing power over time, the rate of return for savings accounts should be at least as high as the rate of inflation

400

All of the following are ways that you can keep your online bank account safe EXCEPT… 

  1. Only using private wifi to access your account
  2. Turning on text alerts to monitor your account for large or potentially fraudulent transactions
  3. Changing your password regularly using reasonably complex passwords
  4. Banking with small banks and credit unions because they are less frequently the target of fraud

4. Banking with small banks and credit unions because they are less frequently the target of fraud

400

Which 2025 animated film became the highest-grossing PG-rated movie of the year, surpassing records set by The Lion King?

1. Lilo & Stitch
2. Frozen III
3. The Super Mario Galaxy Movie
4. Zootopia 2

1. Lilo & Stitch

500

Which are two advantages of having an account at a local community bank versus a national bank?

  1. Community banks are typically larger and more well-known than national banks
  2. Community banks typically have LOWER fees and charges when compared to a national bank
  3. Community banks typically have HIGHER fees and charges when compared to a national bank
  4. Community banks typically give back and support the local community

2. Community banks typically have LOWER fees and charges when compared to a national bank

4. Community banks typically give back and support the local community

500

Which statement BEST explains a key difference between Certificates of Deposit (CDs), traditional savings accounts, and money market accounts?

1. CDs usually require you to keep money locked in for a set time, while savings and money market accounts let you withdraw more freely.
2. Money market accounts are riskier than CDs and savings because they are not insured by the FDIC.
3. Traditional savings accounts always earn higher interest than CDs and money market accounts.
4. CDs, savings accounts, and money market accounts all work the same way, so there is no real difference.

1. CDs usually require you to keep money locked in for a set time, while savings and money market accounts let you withdraw more freely. (with fees or limitations*)

500

All of the following are ways to avoid ATM fees EXCEPT… 

  1. Avoiding out of network ATMs
  2. Finding a bank that reimburses you for ATM fees
  3. Using your debit card instead of withdrawing cash to make a purchase
  4. Withdrawing money from your savings account instead of your checking account



4. Withdrawing money from your savings account instead of your checking account

500

What is the benefit of automating your savings account contributions?

  1. You can change the amount you deposit each month.
  2. The fees are relatively small to enroll in this service.
  3. Your money will be transferred automatically and guarantees you will be contributing to your savings.
  4. Your employer will contribute additional money to your savings account if you enroll in this service.

3. Your money will be transferred automatically and guarantees you will be contributing to your savings.

500

How might a cashless society create challenges for the economically disadvantaged?

1. They may struggle because they might not have access to bank accounts, debit/credit cards, or smartphones needed for digital payments.
2. They will lose money in all transactions since cash is no longer allowed.
3. They may face extra fees or barriers because some digital systems require accounts or devices they don’t have.
4. Both A and C

4. A and C

500

Which Disney villain’s original design was considered so frightening that it inspired the animators to soften her look before release?
1. Maleficent (Sleeping Beauty)
2. Lady Tremaine (Cinderella)
3. Cruella de Vil (101 Dalmatians)
4. Ursula (The Little Mermaid)

4. Ursula (The Little Mermaid)