Financial Math Unit 1 Test

Last updated about 3 hours ago

14 questions

35

5

Library

Financial Math Unit 1 Test

Last updated about 3 hours ago

14 questions

35

Draggable item		Corresponding Item

5

What are the benefits of opening a checking account?

5

Name two ways you can get money into and out of your checking account.

5

What are banking alerts? What is one banking alert you can sign up for?

5

All of you and your friends use the Cash App or Zelle to pay each other when you all go out to the movies or to restaurants. How does that work? What does that have to do with Cedric’s checking account?

Drag and drop each of the following terms to match their definition:

Draggable item		Corresponding Item
Reconciling		If not maintained you could incur a fee.
Overdraft protection		Withdrawal from a bank account.
Debit		Money electronically placed into a bank account.
Direct Deposit		Money that had not cleared your bank statement yet
Bank Statement		Verifying the bank's records are correct.
Outstanding Deposits		All transactions that have occurred over a period of a month.
Minimum Balance		An agreement with the bank or financial institution to pay an ACH withdrawal even though there are not enough funds in the account; there is a fee for this service and the money must be repaid

Dariana is trying to convince her brother Anthony instead of placing his money in a shoebox he should consider placing his money in a bank account. All of the following are benefits of having a checking account that Darianna could mention, EXCEPT…

A. He can pay bills, check his balance, and transfer money using mobile banking

B. He can track his money using alerts, statements, and online banking

C. He can earn a high interest rate on the money in his account

D. He can have his paycheck deposited automatically into his account

Jalen is explaining the evolution of banking to his Financial Literacy Class. When Jalen discusses mobile/online banking, which of the following is the least common use of mobile banking Jalen could mention?

A. Making international transfers

B. Checking their account balance

C. Paying bills

D. Transferring money between checking and savings accounts

Kylah is reviewing her bank statement. Kylah can expect to see the following information EXCEPT?

Her credit score

The statement period

Banking fees

Deposits and withdrawals

Miracle is speaking with Shaperra about the different ways she can send money to her friends. The following are examples of peer-to-peer payment apps that Miracle can mention EXCEPT…

Cash App

Zelle

Brigit

Venmo

All of these can help safely use online banking EXCEPT...

Keep your browser and computer or mobile device up to date

Make sure you carry a written password as a backup

Don’t use any part of your Social Security number as a password

Use strong passwords and different ones for each account

Lamor accidentally charged more on his debit card than he had in his checking account. His balance is now -$15.75. Which of the following is true?

He will be charged a non-sufficient funds (NSF) fee

Future purchases will be declined

The bank will close his account immediately

He will be charged additional overdraft fees if he does not have a positive balance by the next day

Tashawn is hesitant to set up online bill pay with his credit union account. All of these are benefits of online bill pay EXCEPT...

Online bill pay can help you meet your payment deadline

Banks require that you have a large account balance in order to use bill pay

You can pay electronically or still have a paper check sent instead

It takes a bit of time to set up initially, but it could save you time in the long run

The Federal Deposit Insurance Corporation (FDIC) insures bank accounts up to a particular amount. This means that if the bank fails, the money is guaranteed by the government.

Partially false, the money isn’t guaranteed

Partially true, it insures any amount

Completely false

Completely true

What are the benefits of opening a checking account?

Are you more likely to have a higher interest rate for a savings account at a national bank, a regional bank, credit union, or a Currency Exchange?

National Bank

Regional Bank

Credit Union

Currency Exchange

Name two ways you can get money into and out of your checking account.

What are banking alerts? What is one banking alert you can sign up for?

All of you and your friends use the Cash App or Zelle to pay each other when you all go out to the movies or to restaurants. How does that work? What does that have to do with Cedric’s checking account?

Drag and drop each of the following terms to match their definition:

Reconciling

If not maintained you could incur a fee.

Overdraft protection

Withdrawal from a bank account.

Debit

Money electronically placed into a bank account.

Direct Deposit

Money that had not cleared your bank statement yet

Bank Statement

Verifying the bank's records are correct.

Outstanding Deposits

All transactions that have occurred over a period of a month.

Minimum Balance

An agreement with the bank or financial institution to pay an ACH withdrawal even though there are not enough funds in the account; there is a fee for this service and the money must be repaid

Dariana is trying to convince her brother Anthony instead of placing his money in a shoebox he should consider placing his money in a bank account. All of the following are benefits of having a checking account that Darianna could mention, EXCEPT…

A. He can pay bills, check his balance, and transfer money using mobile banking

B. He can track his money using alerts, statements, and online banking

C. He can earn a high interest rate on the money in his account

D. He can have his paycheck deposited automatically into his account

Jalen is explaining the evolution of banking to his Financial Literacy Class. When Jalen discusses mobile/online banking, which of the following is the least common use of mobile banking Jalen could mention?

A. Making international transfers

B. Checking their account balance

C. Paying bills

D. Transferring money between checking and savings accounts

Kylah is reviewing her bank statement. Kylah can expect to see the following information EXCEPT?

Her credit score

The statement period

Banking fees

Deposits and withdrawals

Miracle is speaking with Shaperra about the different ways she can send money to her friends. The following are examples of peer-to-peer payment apps that Miracle can mention EXCEPT…

Cash App

Zelle

Brigit

Venmo

All of these can help safely use online banking EXCEPT...

Keep your browser and computer or mobile device up to date

Make sure you carry a written password as a backup

Don’t use any part of your Social Security number as a password

Use strong passwords and different ones for each account

Lamor accidentally charged more on his debit card than he had in his checking account. His balance is now -$15.75. Which of the following is true?

He will be charged a non-sufficient funds (NSF) fee

Future purchases will be declined

The bank will close his account immediately

He will be charged additional overdraft fees if he does not have a positive balance by the next day

Tashawn is hesitant to set up online bill pay with his credit union account. All of these are benefits of online bill pay EXCEPT...

Online bill pay can help you meet your payment deadline

Banks require that you have a large account balance in order to use bill pay

You can pay electronically or still have a paper check sent instead

It takes a bit of time to set up initially, but it could save you time in the long run

The Federal Deposit Insurance Corporation (FDIC) insures bank accounts up to a particular amount. This means that if the bank fails, the money is guaranteed by the government.

Partially false, the money isn’t guaranteed

Partially true, it insures any amount

Completely false

Completely true

Are you more likely to have a higher interest rate for a savings account at a national bank, a regional bank, credit union, or a Currency Exchange?

National Bank

Regional Bank

Credit Union

Currency Exchange