Ch. 8 Quiz (Financial Services)

A bank can help you_____ your money and keep it_____ .

• Manage; safe

• Find; growing

• Deposit; budgeted

• Budget; available

Some of the services banks offer include . . .

• Paying off your student loan debt and saving for your future

• Creating a personalized budget for you and managing your schedule

• Teaching you how to handle your finances and encouraging you to cut up your credit cards

• Mortgages, check writing, and debit cards

A savings account is for ______.

• Investing your money

• Regular spending

• Long-term savings goals

• The Entertainment budget line item

An easy way to avoid ending up with errors in your checking account is to simply . . .

• Only use cash

• Monitor your account at least twice a week

• Keep all your receipts

• Budget often

The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep your money in the bank insured up to_____ per account.

• $250

• $2,500

• $25,000

• $250,000

Credit Unions differ from retail banks in that they typically require membership based on specific criteria.

• TRUE

• FALSE

Your emergency fund should go in your checking account, NOT a money market account.

• TRUE

• FALSE

If you see "pending" on an account charge, that means . . .

• You need to make a deposit before it is paid

• The payment was declined

• It hasn't been fully processed yet

• It is suspected of being a fraudulent charge

A debit card, ATM access, payroll direct deposit, and checks are basic features of_____

• Money Market account

• Online Bank

• Checking Account

• Savings Account

With certificates of deposit (CDs), you have to pay a penalty for_____.

• Withdrawing your money early

• Depositing money into the account

• Creating a savings account

• Using an ATM