Duplicate of Dave Ramsey: Chapter 8: Financial Services

Question 1

When deciding on a bank, u should 1st identify what type of bank u want, the features that matter most to u, and ______.

Accepted Answer

What kind of accounts you want

Question 2

A bank can help you ________ your money and keep it ________.

Accepted Answer

Manage; safe

Question 3

Predatory financial services typically target unbanked or underbanked people, but hurt them in the long run.

Accepted Answer

True

Question 4

If you prefer great customer service and lower fees . . .

Accepted Answer

A small, local bank is often a great option

Question 5

Your emergency fund should go in your checking account, NOT a money market account.

Accepted Answer

False

Question 6

With certificates of deposit (CDs), you have to pay a penalty for ______.

Accepted Answer

Withdrawing your money early

Question 7

If you see "pending" on an account charge, that means . . .

Accepted Answer

It hasn't been fully processed yet

Question 8

A savings account is not for more long-term goals like my emergency fund.

Accepted Answer

False

Question 9

Balancing your checking account is a lot like working on your budget because . . .

Accepted Answer

They both get easier and build money confidence the more you do them

Question 10

As the owner of your account, managing your money is _______ responsibility.

Accepted Answer

Your

Question 11

Banks make money by charging interest on loans, ATM Fees, overdraft fees, and account fees.

Accepted Answer

True

Question 12

Distrust, unemployment, and bank fees are a few excuses people give for . . .

Accepted Answer

Not having a savings or checking account

Question 13

Something that all of the predatory financial services have in common is . .

Accepted Answer

You end up losing money with all of them

Question 14

A savings account is for _______.

Accepted Answer

Long-term savings goals

Question 15

If there are any fradulent transactions or mistakes made by the bank, report them right away.

Accepted Answer

True

Question 16

When struggling with money some alternative financial services people use like payday loans help people save money.

Accepted Answer

False

Question 17

A debit card, ATM access, payroll direct deposit, and checks are basic features of _____________.

Accepted Answer

A checking account

Question 18

Credit Unions differ from retail banks in that they typically require membership based on specific criteria.

Accepted Answer

True

Question 19

Overdrafting your account is a sign of diligence and responsibility

Accepted Answer

False

Question 20

A checking account is for spending and managing my money, while making it harder to withdraw money from.

Accepted Answer

False

Question 21

Liquidity is . . .

Accepted Answer

How quickly and easily you can access your money

Question 22

You should avoid any bank service that leads to . . .

Accepted Answer

Debt

Question 23

Balancing or reconciling your account means that you make sure your records don't match what your bank shows.

Accepted Answer

False

Question 24

If you see a charge you don't recognize, you should report it to your bank immediately.

Accepted Answer

True

Question 25

An easy way to avoid ending up with errors in your checking account is to simply . . .

Accepted Answer

Monitor your account at least twice a week

Question 26

The (FDIC) and (NCUA) keep your money in the bank insured up to __________ per account.

Accepted Answer

$250,000

Question 27

Banks and credit unions keep money unsafe and don't help me manage it and acccess it.

Accepted Answer

False

Question 28

A debit card linked with your checking account is a good option for regular spending.

Accepted Answer

True

Question 29

Make sure your bank has plenty of _______ and ________.

Accepted Answer

ATM locations; a mobile banking app

Question 30

It's your responsibility to know about all of the _______ before choosing a bank.

Accepted Answer

Fees and services involved

Question 31

Some of the services banks offer include . . .

Accepted Answer

Mortgages, check writing, and debit cards

Question 32

What does it mean to be blacklisted by a bank?

Accepted Answer

Can't open account because of poor account management in the past.

Question 33

With online banks, all of your deposits, transfers, and bill payments happen digitally, but . . .

Accepted Answer

It's more difficult to contact a real person when u need assistance

Question 34

You need to track everything that involves money, including . . .

Accepted Answer

Debit card purchases, third-party app transactions, and ATM withdrawals

Question 35

Verifying your bank's online account statements for accuracy is called ___________.

Accepted Answer

Reconciling your account

Question 36

Banks invest their customers' deposited money and then . . .

Accepted Answer

Earn interest, paying the customer small amounts of interest on accounts

Question 37

Overdraft protection sounds like a good idea . . .

Accepted Answer

But you have to pay back the deposited money with interest

Duplicate of Dave Ramsey: Chapter 8: Financial Services

Questions 37

Duplicate of Dave Ramsey: Chapter 8: Financial Services

Questions 37