Banking Basics Review
Authored by Consuelo Rodriguez
Mathematics
12th Grade
CCSS covered
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56 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary difference between a checking account and a savings account?
Checking accounts are for long-term investments; savings accounts are for daily transactions.
Checking accounts are insured by the FDIC; savings accounts are not.
Checking accounts are for everyday transactions; savings accounts are for long-term goals and earning interest.
Checking accounts have higher interest rates than savings accounts.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a debit card, and which type of account is it typically linked to?
A credit card linked to your credit history.
A card used to borrow money from a bank.
A card that deducts money directly from your checking account.
A card that only works at ATMs.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a checkbook register?
To sign up for new checks.
To keep a record of all your transactions and balances.
To order new debit cards.
To track your credit score.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of an ATM?
To apply for a new loan.
To speak with a bank teller.
To withdraw cash, deposit funds, and check balances without a bank teller.
To open a new account.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common feature of a savings account that is not usually found in a checking account?
The ability to write checks.
The ability to earn interest on the balance.
Direct deposit.
The use of a debit card.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an overdraft occur?
When you deposit more money than you have in your account.
When you spend more money than you have in your account.
When you fail to pay a bill on time.
When you make a direct deposit.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define direct deposit.
A loan from your bank.
The electronic transfer of a payment from the payer directly into the recipient's bank account.
Depositing a check at an ATM.
Physically going into a bank to deposit cash.
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