Econlowdown It's Your Paycheck! Lesson 3: Cash the Check and Track the Dough

Which of the following is true of check-cashing services? a. Check cashing services charge hefty fees for cashing paychecks. b. Check cashing services offer all the same services as a local bank. c. Check cashing services insure your deposits up to $100,000. d. Check cashing services allow you to write checks on your deposits.

a

If a checking account begins the month with a balance of $35.00 and over the month has debits of $150.00 and credits of $175.00, the balance at the end of the month is ____. a. $10.00 b. $25.00 c. $60.00 d. -$290.00

c

Which of the following statements concerning a bank savings account is false? a. Deposits are insured for at least $100,000. b. Your money will earn interest. c. You will pay a hefty fee for cashing or depositing your paycheck into a savings account. d. You can use an ATM or debit card with a savings account.

c

Which of the following statements is false? a. A credit is a deposit to a checking account. b. A debit is a withdrawal from a checking account. c. An overdraft is a fee your bank charges you for opening a checking account. d. Taking money from your account with an ATM card is a debit.

c

Which of the following statements concerning direct deposit is false? a. Direct deposit is more convenient than being paid with a paper check. b. Direct deposit is safer than being paid with a paper check. c. Direct deposit is more efficient than being paid with a paper check. d. It isn't legal for companies to require employees to use direct deposit.

d

Why is it important to balance bank accounts? a. To make sure you did not make a mistake in your record keeping. b. To make sure the bank did not make a mistake in their record keeping. c. To make certain that mistakes do not lead to overdraft fees. d. All of the above statements are true.

d