FUHRMS: Checking Accounts Question Preview (ID: 24496)
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Ultimately, who is responsible for your financial decisions?
a) you
b) your parents
c) your banker
d) your financial advisor
What is the number one cause of overdraft fees?
a) Use of credit cards.
b) Use of checks without money in the account.
c) Use of credit cards without money in the account.
d) Use of debit/ATM cards without money in the account.
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 provided by credit card companies to prevent consumers from paying interest on balances.
c) Mandatory service for consumers provided by financial institutions to generally approve and pay overdraft transactions when t
d) Voluntary service for consumers provided by financial institutions to generally approve and pay overdraft transactions when t
A debit card is a:
a) card for which you pay interest on purchases made.
b) convenient form of borrowing with a revolving line of credit.
c) card that only allows you to withdraw money from your account at an ATM.
d) service offered by banks for a point of sale transaction. It replaces both cash and checks.
The Federal Reserve has recently added new rules pertaining to Debit Cards. One of the new rules is that:
a) you need to be 21 to have a debit card.
b) overdraft protection is now mandatory for consumers.
c) overdraft protection is now the consumer's choice.
d) banks can no longer charge late fees on debit card accounts.
Which of the following statements is false?
a) A credit is a deposit to a checking account.
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) Taking money from your account with an ATM card is a debit.
Which of the following is true of check-cashing services?
a) Check cashing services charge hefty fees for cashing paychecks.
b) Check cashing services offer all the same services as a local bank.
c) Check cashing services insure your deposits up to $100,000.
d) Check cashing services allow you to write checks on your deposits.
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) $10.00
b) $25.00
c) $60.00
d) -$290.00
Which of the following statements concerning a bank savings account is false?
a) Deposits are insured for at least $100,000.
b) Your money will earn interest.
c) You will pay a hefty fee for cashing or depositing your paycheck into a savings account.
d) You can use an ATM or debit card with a savings account.
Which of the following statements concerning direct deposit is false?
a) Direct deposit is more convenient than being paid with a paper check.
b) Direct deposit is safer than being paid with a paper check.
c) Direct deposit is more efficient than being paid with a paper check.
d) It isn't legal for companies to require employees to use direct deposit.
Why is it important to balance bank accounts?
a) To make sure you did not make a mistake in your record keeping.
b) To make sure the bank did not make a mistake in their record keeping.
c) To make certain that mistakes do not lead to overdraft fees.
d) All of these choices
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