Financial literacy: Quiz 2 | Financial Institutions and Services

Julie's account balance in her checkbook register is $35.60. She receives a bank statement and the balance is $5.60. She notices that the deposit of $30 she made at the ATM today does not appear on the statement. Is the balance in her checkbook register correct?

No, not yes

All of the following are services that are available at banks except _____.

tax accounts

A balance is _____

the amount of money you have in an account at a certain time

Visit the _____ when you want to deposit a check.

Bank teller

Mike takes a card out of his wallet at the grocery store and swipes it to pay for his groceries. What did Mike use?

Debit card

What are the steps for writing a check?

Enter today's date, write the payee, write the amount in numbers, write the amount in words, and sign the front of the check.

The main types of financial institutions are all of the following, except _____.

Financial adviser

To determine if the bank's Web site is secure, look at the web site address.

True , not false

financial institution formed by a large organization for its members is a credit union.

True , not false

Name five banking tasks that can be done online.

When banking online, you can have the advance to make transfers, bill payments, money orders, withdrawals, refunds

List four factors you should consider when selecting a financial institution.

When selecting a financial institution, one should consider the location, fees, interest, and minimum balances to be the most important factors.

What are the advantages to banking online.

accessible from anywhere efficient always open quick transaction speed convenient When banking online, there are perks like easily paying for bills without worrying about transportation, going paperless with financial documents also helps to avoid misplacing or accidentally disposing the important ones, and another advantage would be to make last minute, important payments.

An alert is _____.

an email you receive when something specific happens in your account

What is this section of the check register used for?

checkmarks to indicate transactions that have been processed

What are the reasons to keep your money in a financial institution?

convenience growth cost financial future safety security

When selecting the best checking account, you should consider _____.

minimum balance, fees, and interest

Eva would like more information on services available at her bank. Which of the following resources could she use?

printed material bank teller customer service representative at a bank bank Web sites

Carl would like to save money for his first year at college and track his progress. What online tool should Carl use?

transfer my personal opinion: transferring between a savings & checking's account indicates how self conscience & goal-oriented you are to transfer a certain amount of money.. this will help Carl track his expenses

In order to maintain a checking account, you need to record all of your transactions in a check register and _____.

transfer money from checking to savings