Which of the following is NOT required to open a checking account?

Your or your parents' previous year's tax return

Which of the following is TRUE about banks and credit unions?

Banks are for-profit; credit unions are not-for-profit.

People who are unbanked are most likely to...

Incur lots of fees at Check Cashers to access their money

How can you protect your checking account when using online and mobile banking?

Use a strong password, Connect to a secure WiFi network

Overdraft protection...

can keep you from overdrawing but charges a high fee.

Why is understanding a bank's fees particularly important for students or young adults?

With less banking experience they may incur fees unknowingly

studbud

fcb financial literacy

11 termsStudBud Administration

A quiz for #highschool students to check for understanding on the concept of #banking. Refer to ngpf.org/curriculum/ for more great FREE, Jump$tart Standards aligned lessons. #grade_09 #grade_10 #grade_11 #grade_12

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Questions 11

Answers

1
What feature is the LEAST important for a college student to look for in a checking account?
Low minimum balance requirement
Fees
Interest rate
ATM availability
2
Which of the following is NOT required to open a checking account?
Opening deposit
Identification
Your or your parents' previous year's tax return
Proof of Address
3
Which of the following is TRUE about banks and credit unions?
There are more local credit unions than there are banks.
Banks are insured by the NCUA; credit unions by the FDIC.
Banks are not taxed; credit unions are taxed.
Banks are for-profit; credit unions are not-for-profit.
4
People who are unbanked are most likely to...
Deposit their checks at the ATM
Incur lots of fees at Check Cashers to access their money
Use a mobile banking app
Receive a monthly statement of their transactions
5
How can you protect your checking account when using online and mobile banking?
Use a strong password
Share your pin # with only 1 person in case you forget it
Opt-out of alerts to notify you of unusual activity
Connect to a secure WiFi network
6
Overdraft protection...
brings in a few hundred dollars each year to banks.
is a fee-free service that prevents you from overdrawing.
can keep you from overdrawing but charges a high fee.
is a service offered only for premium checking accounts.
7
Why is understanding a bank's fees particularly important for students or young adults?
Banking is like insurance; being younger means higher fees
Your credit score is heavily dependent on how well you bank
With less banking experience they may incur fees unknowingly
They may have high balances & can overdraft easily
8
What are some reasons for why so many Americans live paycheck-to-paycheck?
Many people spend within their budget
Many people only buy what they NEED, not what they WANT
Many people impulse shop
Many people are paying themselves first and then spending
9
Which of the following is NOT a common way most people are using P2P, such as Venmo?
To pay back friends
To pay rent
To buy gifts
To pay off their credit cards
10
Which is NOT a typical goal for a savings account?
To save for a new car
To create an emergency fund
To buy groceries for this week
To pay for higher education
11
What is a typical overdraft fee?
$15
$5
$10
$25

fcb financial literacy Flashcards | StudBud

fcb financial literacy

11 termsStudBud Administration

Flashcards11 cardsFPractice quizPHost liveL

Questions 11

Answers

1
What feature is the LEAST important for a college student to look for in a checking account?
Low minimum balance requirement
Fees
Interest rate
ATM availability
2
Which of the following is NOT required to open a checking account?
Opening deposit
Identification
Your or your parents' previous year's tax return
Proof of Address
3
Which of the following is TRUE about banks and credit unions?
There are more local credit unions than there are banks.
Banks are insured by the NCUA; credit unions by the FDIC.
Banks are not taxed; credit unions are taxed.
Banks are for-profit; credit unions are not-for-profit.
4
People who are unbanked are most likely to...
Deposit their checks at the ATM
Incur lots of fees at Check Cashers to access their money
Use a mobile banking app
Receive a monthly statement of their transactions
5
How can you protect your checking account when using online and mobile banking?
Use a strong password
Share your pin # with only 1 person in case you forget it
Opt-out of alerts to notify you of unusual activity
Connect to a secure WiFi network
6
Overdraft protection...
brings in a few hundred dollars each year to banks.
is a fee-free service that prevents you from overdrawing.
can keep you from overdrawing but charges a high fee.
is a service offered only for premium checking accounts.
7
Why is understanding a bank's fees particularly important for students or young adults?
Banking is like insurance; being younger means higher fees
Your credit score is heavily dependent on how well you bank
With less banking experience they may incur fees unknowingly
They may have high balances & can overdraft easily
8
What are some reasons for why so many Americans live paycheck-to-paycheck?
Many people spend within their budget
Many people only buy what they NEED, not what they WANT
Many people impulse shop
Many people are paying themselves first and then spending
9
Which of the following is NOT a common way most people are using P2P, such as Venmo?
To pay back friends
To pay rent
To buy gifts
To pay off their credit cards
10
Which is NOT a typical goal for a savings account?
To save for a new car
To create an emergency fund
To buy groceries for this week
To pay for higher education
11
What is a typical overdraft fee?
$15
$5
$10
$25