Unit 2: Checking & Linear Functions Review

Front

Overdraft protection...

Back

Allows you to withdraw more money than you have in your account

Front

Which of the following is NOT required to open a checking account? Proof of identity, Proof of address, Social security number, Minimum age requirement

Back

Minimum age requirement

Front

Which of the following is NOT a common way most people are using P2P, such as Venmo?
Splitting bills with friends,
Paying rent or utilities,
Sending money to family members,
Investing in stocks

Back

Investing in stocks

Front

What feature is the LEAST important for a college student to look for in a checking account? Options: Low or no monthly fees, Convenient ATM access, High interest rates, Online and mobile banking

Back

High interest rates

Front

What is a typical overdraft fee?

Back

$25

Front

How can you protect your checking account when using online and mobile banking? Options: Use strong and unique passwords, Avoid using public Wi-Fi networks, Regularly monitor your account activity, All of the above

Back

All of the above

Front

You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?

Back

Process the largest check first

Front

Why is understanding a bank's fees particularly important for students or young adults?

Back

They are more likely to have a low income

Front

If you have a higher withdrawal than the money in your bank account, it will cause an ___________ in your account, This is where the bank ends up having to cover the difference, but then they will charge you a hefty fee.

Back

overdraft

Front

The DRAWEE is the party who wrote the check and pays the money.

Back

False