FP Ch. 8 - Financial Services

Question 1

Overdraft protection sounds like a good idea . . .

Accepted Answer

But you have to pay back the deposited money with interest

Question 2

People who struggle with money turn to alternative financial services like payday loans that cause them to lose money.

Accepted Answer

True

Question 3

The FDIC and National Credit Union Administration keep your money in the bank insured up to _____ per account

Accepted Answer

$250,000

Question 4

Make sure your bank has plenty of _____ and _____.

Accepted Answer

ATM locations; a mobile banking app

Question 5

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

Accepted Answer

Reconciling your account

Question 6

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

Accepted Answer

True

Question 7

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

Accepted Answer

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

Question 8

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

Accepted Answer

Earn interest, paying the customer a small amount of interest

Question 9

When deciding on the right bank, you should identify what type of bank, the features that matter most to you & _____.

Accepted Answer

What kind of accounts you want

Question 10

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

Accepted Answer

A checking account

Question 11

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

Accepted Answer

Fees and services involved

Question 12

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

Accepted Answer

Manage; safe

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

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

Accepted Answer

False

Question 15

A savings account is for _____ .

Accepted Answer

Long-term savings goals

Question 16

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

Accepted Answer

Debt

Question 17

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

Accepted Answer

It hasn't been fully processed yet

Question 18

Overdrafting your account is a sign of diligence and responsibility.

Accepted Answer

False

Question 19

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

Accepted Answer

It's more difficult to get in touch with a real person when you need help

Question 20

What does it mean to be blacklisted by a bank?

Accepted Answer

The bank doesn't allow you to open an account

Question 21

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

Accepted Answer

Not having a savings or checking account

Question 22

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 23

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

Accepted Answer

True

Question 24

Some of the services banks offer include . . .

Accepted Answer

Mortgages, check writing, and debit cards

Question 25

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

Accepted Answer

A small, local bank is often a great option

Question 26

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

Accepted Answer

True

Question 27

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

Accepted Answer

Withdrawing your money early

Question 28

Liquidity is . . .

Accepted Answer

How quickly and easily you can access your money

Question 29

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 30

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

Accepted Answer

Your

FP Ch. 8 - Financial Services

Questions 30

FP Ch. 8 - Financial Services

Questions 30