Personal Finance Test

After you write and sign a check, who can legally cash the check?

Only the payee

As you are online searching for information for a class assignment, your search is interrupted when a website pops up without you entering a new site address. You may be victim of

Phishing

If you have been a victim of identity theft, what can you do to prevent someone from using your personal information?

Place a fraud alert on your credit report

What is one benefit to using a checking account that is not a benefit of using a savings account?

Proof of payment

You do this once a month to ensure that you can account for all of your deposits and withdrawals. It is called

Reconcile

Cashier's Checks (special order checks)

The bank deducts that the amount from your account and writes the check on its own funds.

Certified Checks (special order checks)

The bank verifies that you have the funds in your account set aside specifically for the check amount and confirms that your signature on the check is genuine.

You can apply for a credit card at each of the following places except

The local post office

Who is responsible for reporting identity fraud?

The person who was defrauded

At a bank or credit union, your funds are insured by either FDIC or NCUA. What is the dollar limit that is insured?

They will reimburse the value of your account in the full, up to $250,000, if the bank ever fails.

Who is responsible for keeping track of your debit card purchases?

You

Wire Transfers (special order checks)

You can immediately transfer funds from your account to another person's account in different cities or countries without even writing a check.

If you "bounce" a check when you make a purchase at a clothing store, what would happen?

You will be charged a fee by the store, by your bank, and your credit score will be reduced

The maximum amount you can charge on a credit card is called

Your credit limit

What is an advantage of electronic funds transfer (EFT)?

Your paycheck can be deposited directly to your checking account

A bank is a for-profit company, owned by _____. These people elect a _____ to manage the bank for them.

investors, paid board of directors

A credit union is owned by _____. They elect a volunteer _____ to manage the credit union from them.

their customers, board of directors

If you use a credit card to buy something online from the internet, look for the following on the web site page

A lock symbol

What is one benefit to using a debit card that is not a benefit of using a check to make a purchase?

Able to make purchases on demand

You can't find your credit card, and you think that it may have been stolen. What should you do?

Call the credit card company as soon as you are aware the card is missing

Online banking is available

Every day, all day

Minimum Balance Fees (bank fee)

Fees designed to encourage bank customers to keep a set amount of money in their account.

Overdraft Fees (bank fee)

Fees given when your checking account balance drops below zero.

Checking Account Fees (bank fee)

Fees that are required in order to open a checking account.

When you open a checking account, what will you need to provide?

Identification, your signature, your address, a deposit

In the movie, Catch Me if You Can, Frank Abignail impersonates many everyday people as well as professionals, List 4.

Mr. Abignail- pretends to be a teacher. Frank Black- pretends to be a high school reporter. Frank Taylor- pretends to be a pilot. Frank Connors- pretends to be a doctor.

NSF Fee

Occurs when you write a check but do not have enough money to pay for it. They usually cost about $25-$50 from the business listed by the payee.