Wise Test: Banking
A person has a checking account that charges the following feeds: a $10 monthly service fee, a $0.20 fee for each check written, and a $35 fee per check returned because of insufficient funds. During September, this person wrote 10 checks and bounced one check for insufficient funds. How much are the total fees charged to the checking account for September?
$47
Which is an INCORRECT explanation of why the online or bank statement shows a different balance from a person's check register?
All checks written by the account holder are listen online or on a monthly bank statement.
A person wants to buy a house now but does not have all the money needed to pay for a house. What can he do to get the money he needs?
Apply for mortgage
When should a person open his first bank savings account?
As soon as possible
A person has a checking account balance of $150 and deposits a $400 check. The check deposited is from a local bank. When can she withdraw $200 in cash w/o having to pay a fee?
As soon as the check deposit clears
A person reconciling her checking account notices that the balance in her checkbook register does not match the balance on the bank statement. What action is appropriate for the person to take first?
Determine if all checks issued have cleared
Which of the following is NOT usually offered by most banks?
Financial education
A person's savings account earned interest. This person wants to know if he must pay taxes on the interest earned. What would the IRS tell him?
Interest earned that is more than $10 is income and taxable
A benefit of establishing a College Savings 529 Plain is that it
can be used to pay for college in any state.
A person's checking account requires a minimum balance of $1,000. Her account balance at the end of the month is $00. The bank will
charge a fee for being below the required account balance.
A true statement about online banking is that
current balances for accounts can be checked while on vacation
An example of an electronic funds transfer is a
direct deposit of a paycheck
If a person loses a bank cash card and the card is used by someone else, the person who
finds the card can make purchases with the card in a store or online
A person is planning to go away to college next year. The person should open a personal bank account since it is
needed for depositing grant and loan funds
To remember her ATM/Debit card personal identification number (PIN), a person should write the PIN and keep it
on her desk at home
