PF- 3 Financial Institutions, 'Services, Tools, and Resources', Checking Account, & Online Banking- 10/15/17(Sun.)- Q #2- Financial Institutions and Services

PF- 3 Sec. 4: Choose all that apply. Select all the banking tasks that can be done online.

- Create a spending report. - Order new checks. - Set up an alert when your account goes under $50. - Transfer money from your savings to your checking. - Request a stop payment. - View up-to-date account statements. answer: - all of the above

PF- 3 Sec. 4: Carl has a checking account. He'd like to know right away when his balance gets lower than $50. What should Carl do?

- Request a stop payment. - Transfer money from his savings account. - Call the bank to ask. - Set up an alert. answer: - Set up an alert.

PF- 3 Sec. 1: A financial institution always keeps all of your money in the vault.

- True - False answer: - False

PF- 3 Sec. 3: When opening a checking account, the bank does not run an account verification if you provide a state-issued ID.

- True - False answer: - False

PF- 3 Sec. 2: Two types of deposit accounts are _____.

- loans and saving - checking and direct deposit - checking and savings - savings and loans answer: - checking and savings

PF- 3 Sec. 1: Choose all that apply. When selecting a financial institution that is the best for you, you should consider _____.

- minimum balance - services offered - other people who bank there - locations of banks and ATMs - fees answer: - minimum balance - services offered - locations of banks and ATMs - fees These factors are: fees, locations, services, interest, hours, and minimum account balance.

PF- 3 Q 2: List four factors you should consider when selecting a financial institution.

Writer:

PF- 3 Q 2: Name five banking tasks that can be done online.

Writer:

PF- 3 Sec. 4: Describe how to make an electronic payment.

Writer: An exchange between buyers and sellers that takes place online. (wrong)

savings and loan

a financial institution that specializes in home loans

transfer

a method of electronically moving money from one account to another

credit union

a nonprofit financial institution formed by a large corporation or organization for their employees and members

account verification

a process where banks check your credit history to make sure you will be a responsible account holder

financial institution

a public or private organization that collects and invests money and offers financial services

loan

money you borrow from a bank with a written promise to pay it back later

direct deposit

one method your employer might choose to give you your paycheck

ATM

terminal where you can deposit, withdraw, or transfer money from one account to another twenty-four hours a day

payee

the person or company to which you are writing a check

PF- 3 Q 2: All of the following are services that are available at banks except _____.

- ATM - online banking - traveler's checks - money orders - tax accounts - automatic bill payment - debit card - overdraft protection answer: - tax accounts

PF- 3 Sec. 3: Jordan already has a checking account. She wants to deposit a check that she received from her aunt for her birthday. What should Jordan do?

- Complete a signature card and give it to the teller. - Subtract the amount in her check register. - Sign the back of the check, complete a deposit slip, and bring it to the teller. - Sign the back of the check, complete a withdrawal slip, and go to a cashier. answer: - Sign the back of the check, complete a deposit slip, and bring it to the teller.

PF- 3 Sec. 3: Choose all that apply. Select all the tasks associated with maintaining a checking account.

- Record paycheck deposits in a check register. - Balance the checking account. - Transfer money from checking to savings. - Record and subtract cash withdrawals from an ATM. - Record and add interest. answer: - Record paycheck deposits in a check register. - Balance the checking account. - Record and subtract cash withdrawals from an ATM. - Record and add interest.

PF- 3 Sec. 1: Jen heard that the bank where she kept her money was going to close for good. Jen said she wasn't worried. Select the most likely reason that Jen wasn't worried.

- She knew that laws prevented banks from closing for good. - She knew that her bank would open a new account for her at a different bank. - She knew that her money was insured by the FDIC. - She knew that banking rules required banks to give customers their money. answer: - She knew that her money was insured by the FDIC.

PF- 3 Sec. 4: It's hard to determine if the bank's web site is secure.

- True - False answer: - False

PF- 3 Sec. 2: Visit the branch manager when you want to deposit your paycheck.

- True - False answer: - False; Teller

PF- 3 Q 2: A financial institution formed by a large organization for its members is a credit union.

- True - False answer: - True

PF- 3 Q 2: To determine if the bank's web site is secure, look at the web site address.

- True - False answer: - True

PF- 3 Q 2: 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?

- Yes - No answer: - Yes

PF- 3 Sec. 2: To get money from an ATM, you need _____.

- a loan - an ATM card and a pin - a password and a check - a money order and a key answer: - an ATM card and a pin

PF- 3 Sec. 2: Mitchell does not have a checking account, but needs to pay a bill. By what means can Mitchell pay?

- a money order - direct deposit - transfer - loan answer: - a money order

PF- 3 Sec. 4: A stop-payment request is _____.

- a request to close a checking account - a request by an account holder for the bank to not pay a specific payment - a request to pay a bill electronically - request to stop a bill from being sent answer: - a request by an account holder for the bank to not pay a specific payment

PF- 3 Sec. 3: What should appear in this section of a check register?

- amount withdrawn - amount deposited - balance - check number answer: - amount deposited

PF- 3 Sec. 1: A financial institution formed by a large corporation for their employees is a _____.

- bank - savings and loan - FDIC - credit union answer: - credit union

PF- 3 Q 2: Choose all that apply. Eva would like more information on services available at her bank. Which of the following resources could she use?

- bank teller - printed material - customer service representative at a bank - book about personal finances - bank web sites answer: - bank teller - printed material - customer service representative at a bank - bank web sites

PF- 3 Q 2: Visit the _____ when you want to deposit a check.

- branch manager - customer service agent - loan officer - bank teller answer: - bank teller

PF- 3 Q 2: In order to maintain a checking account, you need to record all your transactions in a check register and _____.

- call the bank each month to find out which checks have been cashed - reconcile the checkbook - transfer money from checking to savings - visit the ATM to check the account balance answer: - visit the ATM to check the account balance

PF- 3 Q 2: What is this section of the check register used for?

- checkmarks to indicate transactions that have been processed - amount deposited - balance - check numbers that have been deposited into the account answer: - checkmarks to indicate transactions that have been processed

PF- 3 Q 2: Carl would like to save money for his first year at college and track his progress. What online tool should Carl use?

- electronic bill payment - savings plan - transfer - spending report answer: - electronic bill payment

PF- 3 Q 2: When selecting the best checking account, you should consider _____.

- minimum balance, fees, and interest - fees, color of the checks, and bank's hours - how long it takes to open the account - whether they will reconcile your checkbook for you answer: - minimum balance, fees, and interest

PF- 3 Q 2: Mike takes a card out of his wallet at the grocery store and swipes it to pay for his groceries. What did Mike use?

- money order - debit card - transfer card - loan card answer: - debit card

PF- 3 Sec. 2: Choose all that apply. If you want more information about services available at a bank, you can use the following resources.

- printed material - customer service representative - bank teller - loan officer - bank web sites answer: - all of the above

PF- 3 Q 2: Choose all that apply. Select all the reasons to keep your money in a financial institution.

- safety - security - convenience - growth - financial future - cost answer: - all of the above

PF- 3 Q 2: The main types of financial institutions are all of the following except _____.

- savings and loan - bank - financial adviser - credit union answer: - financial adviser

PF- 3 Sec. 3: When writing a check, you complete all of these steps except for _____.

- signing the back of the check - writing the date - writing the amount in numbers - writing the amount in words - signing the front of the check answer: - signing the back of the check

PF- 3 Sec. 1: Name four reasons for keeping your money in a financial institution.

Writer: Safety, growth, convenience, security, financial future, and cost.

PF- 3 Sec. 2: Name five services available at banks.

Writer: These services include ATMs, online banking, direct deposit, transfers, money orders, loans, debit cards, money exchange, automatic bill payment, traveler's checks, and overdraft protection.

PF- 3 Sec. 4: Name three advantages of banking online.

Writer: 1. If you visit your bank's web site and log into your account, the URL address changes from "http" to "https." The extra "s" stands for "security," and lets you know that the page is secure. 2. A padlock icon may appear somewhere on the page. Newer Web browsers may also use a green background on the address bar to indicate the connection is secure. 3. You may also find a gold seal somewhere on the site that reads, "VeriSign Secure Site." VeriSign is a leading provider of Internet trust services, and its insignia is confirmation that your bank is certified as a secure domain. (wrong)

deposit account

a bank account that lets you add money to the account

checkbook register

a booklet used to track deposits and withdrawals from a checking account

bank

a business and financial institution; a safe place to keep your money

debit card

a card that can be used to pay for products and services or be used at an ATM; looks similar to a credit card, but the payment amount is subtracted directly from an account a card used to buy something from a store or another business

stop payment

a request by an account holder to the bank not to pay a specific payment

online banking

allows you to check your account balance from a computer

money order

an order for the payment of a certain amount of money; resembles a check and is typically used to pay a bill used like a check to pay a bill

PF- 3 Q 2: What are the steps for writing a check? - Sign the front of the check, write the bank's name, and write the date you want the check to be cashed. - Enter the date, write the check number, write the amount in numbers, and sign the front of the check. - Enter today's date, write the payee's name, write the amount in numbers, write the amount in words, and sign the back of the check. - Enter today's date, write the payee's name, write the amount in numbers, write the amount in words, and sign the front of the check.

answer: - Enter the date, write the check number, write the amount in numbers, and sign the front of the check.

PF- 3 Sec. 1: Choose all that apply. The main types of financial institutions are _____. - savings and loans - banks - stock firms - financial advisors - credit unions

answer: - banks - credit unions - savings and loans

PF- 3 Q 2: Choose all that apply. Select the advantages to banking online. - convenience - lower fees - efficiency - accessibility from anywhere - quick transaction speed - constant access

answer: - convenience - efficiency - accessibility from anywhere - quick transaction speed

PF- 3 Q 2: A balance is _____. - the amount of money you have in an account at a certain time - a certain type of account at a bank - money you pay banks - money deposited in a checking account

answer: - money deposited in a checking account (guess)

PF- 3 Q 2: An alert is a _____. - notification that your checking account is going to close - request by an account holder to the bank not to pay a specific payment - receipt that a bill has been paid electronically - email you receive when something specific happens in your account

answer: - notification that your checking account is going to close

PF- 3 Sec. 4: A ______ is a request by an account holder to the bank not to pay a specific payment.

answer: - stop payment