What's the purpose of balancing or monitoring your checking account?

To help you calculate the amount of money in your account

Which of the following is a UNIQUE feature of credit unions?

Both red and blue answers are correct.

Which of the following is NOT one of the responsibilities of the Federal Reserve?

Establishing the federal budget

The best way to ensure the accuracy and safety of your accounts is to:

Monitor your online accounts regularly

What's the best strategy for avoiding ATM fees?

Only use ATMs in your bank's network

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Module 2 Banking Quiz

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This is the post test for the EverFi Financial Literacy Class

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Questions 10

Answers

1
What's the purpose of balancing or monitoring your checking account?
To help you calculate the amount of money in your account
To stop identity theft from occuring
To keep an estimation of how many checks you write
To find out which checks you have bounced
2
Which of the following is a UNIQUE feature of credit unions?
Both red and blue answers are correct.
CU are typically owned and run by their group members
CU limit membership to certain people or groups
CU offer a wide variety of banking services
3
Which of the following is NOT one of the responsibilities of the Federal Reserve?
Setting the nation's monetary policy
Establishing the federal budget
Maintaining a stable banking system
Supervising the Reserve banks
4
What part of a check is the LEAST important?
Routing number
Signature line
The checknumber
Memo line
5
Savings accts usually offer _ interest rates and are _ to access your money than checking accts
lower; harder
higher; easier
higher; harder
lower; easier
6
The Federal Reserve System includes the Reserve Banks, the Federal Open Market Committee, and:
Department of the Treasury
Board of Governors
United States Mint
Secretary of State
7
The best way to ensure the accuracy and safety of your accounts is to:
Shred your paper account statements weekly
Balance your checkbook annually
Monitor your online accounts regularly
Call your customer service center daily
8
Which of the following represent typical account fees?
All answers are correct
Service fee
Minimum balance fee
ATM fee
9
What's the best strategy for avoiding ATM fees?
Only use ATMs close to your house
Only use ATMs you have used before
Only use ATMs to withdraw cash
Only use ATMs in your bank's network
10
Which type of account is typically the MOST liquid?
Checking account
Savings account
Certificate of Deposit
Exchanged Traded Fund

Module 2 Banking Quiz Flashcards | StudBud