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FUHRMS: Checking Accounts
Test Description: FUHRMS - From online learning modules....
Instructions: Answer all questions to get your test result.
1) Ultimately, who is responsible for your financial decisions?
A
your banker
B
your parents
C
you
D
your financial advisor
2) What is the number one cause of overdraft fees?
A
Use of debit/ATM cards without money in the account.
B
Use of credit cards without money in the account.
C
Use of checks without money in the account.
D
Use of credit cards.
3) Overdraft service is:
A
Means by which your credit card company lets you know that you have gone over your credit limit.
B
Mandatory service for consumers provided by financial institutions to generally approve and pay overdraft transactions when t
C
Voluntary service for consumers provided by financial institutions to generally approve and pay overdraft transactions when t
D
Mandatory service provided by credit card companies to prevent consumers from paying interest on balances.
4) A debit card is a:
A
card that only allows you to withdraw money from your account at an ATM.
B
service offered by banks for a point of sale transaction. It replaces both cash and checks.
C
card for which you pay interest on purchases made.
D
convenient form of borrowing with a revolving line of credit.
5) The Federal Reserve has recently added new rules pertaining to Debit Cards. One of the new rules is that:
A
banks can no longer charge late fees on debit card accounts.
B
overdraft protection is now mandatory for consumers.
C
you need to be 21 to have a debit card.
D
overdraft protection is now the consumer's choice.
6) Which of the following statements is false?
A
Taking money from your account with an ATM card is a debit.
B
A debit is a withdrawal from a checking account.
C
An overdraft is a fee your bank charges you for opening a checking account.
D
A credit is a deposit to a checking account.
7) Which of the following is true of check-cashing services?
A
Check cashing services allow you to write checks on your deposits.
B
Check cashing services offer all the same services as a local bank.
C
Check cashing services charge hefty fees for cashing paychecks.
D
Check cashing services insure your deposits up to $100,000.
8) If a checking account begins the month with a balance of $35.00 and over the month has debits of $150.00 and credits of $175.00, the balance at the end of the month is ____.
A
-$290.00
B
$10.00
C
$60.00
D
$25.00
9) Which of the following statements concerning a bank savings account is false?
A
You will pay a hefty fee for cashing or depositing your paycheck into a savings account.
B
Your money will earn interest.
C
Deposits are insured for at least $100,000.
D
You can use an ATM or debit card with a savings account.
10) Which of the following statements concerning direct deposit is false?
A
Direct deposit is more efficient than being paid with a paper check.
B
Direct deposit is safer than being paid with a paper check.
C
It isn't legal for companies to require employees to use direct deposit.
D
Direct deposit is more convenient than being paid with a paper check.
11) Why is it important to balance bank accounts?
A
To make sure you did not make a mistake in your record keeping.
B
All of these choices
C
To make sure the bank did not make a mistake in their record keeping.
D
To make certain that mistakes do not lead to overdraft fees.
*select an answer for all questions
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