Personal Finance Review 2 Question Preview (ID: 9975)


Personal Finance Review. TEACHERS: click here for quick copy question ID numbers.

How can you avoid an NSF fee if you realize you wrote a check for more than the amount you have in your checking account but the check has not yet been received by the payee?
a) transfer money from your savings account
b) use online bill paying
c) transfer money to your savings account
d) void the check

An account statement includes all the following except
a) a list of outstanding deposits.
b) transaction amounts.
c) the opening balance.
d) the date a transaction cleared the bank.

A checkbook register includes all the following columns except
a) the date and type of transaction.
b) the account balance.
c) the check number or transaction type.
d) the date a transaction cleared the bank.

Financial institutions might require teens to open a “student” checking account or a joint checking account with a parent or guardian because they want an adult to
a) help teens develop money management skills.
b) all of the above
c) supervise the transactions.
d) take responsibility if there is a problem.

Using a checkbook with carbonless copies is probably a good choice for someone who
a) mostly uses a debit card.
b) cannot remember to record transactions.
c) keeps all receipts.
d) has an account with a high minimum balance.

Which of the following is the best banking choice if you will do most of your transactions using ATMs?
a) free checking, free checks, no minimum balance required, and $0.50 fee per ATM and debit card transa
b) free ATM transfers, maximum of five ATM withdrawals per month, and limit of $200.00 ATM withdrawal p
c) $0.25 fee per ATM and debit card transaction, $200.00 minimum balance to avoid monthly fee, and free
d) fee for writing more than five checks per month, no minimum balance required, and free ATM and debit

Which of the following is an example of interest?
a) the fee charged by a check cashing company
b) the fee a bank charges for an overdraft
c) the money a bank earns for lending money
d) the money exchanged in a funds transfer

At which of the following would you pay the least for a loan?
a) payday lender
b) Both a AND c
c) savings and loan association
d) check cashing company

Which of the following shares profits with customers?
a) savings and loan associations
b) independently owned local banks
c) large national banks
d) credit unions

Which of the following does not regulate the banking industry?
a) state and federal banking agencies
b) the ACH
c) the Federal Reserve System
d) the FDIC

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