Exploring Checking Accounts in Financial Literacy

What is the primary source of a family's income as discussed in the video?

• Gifts

• Loans

• Paychecks

• Investments

What must you do on the back of a paycheck according to the lesson?

• Stamp the bank's name

• Write the amount

• Print your name

• Sign your name

What does 'less cash received' indicate on a deposit ticket?

• Cash withdrawn during the deposit

• Additional fees charged

• Error in deposit amount

• Bank charges

What should you do if you are not requesting cash back with a deposit?

• Write the deposit amount again

• Sign the deposit ticket

• Leave the signature blank

• Notify the bank teller

Where is the transaction register typically found?

• In the back of the checkbook

• In the front of the checkbook

• Online banking app

• In the bank's database

What is the purpose of a personal check?

• To deposit money into your account

• To receive your salary

• To transfer money to another account

• To pay for personal purchases

What happens when you make a purchase using a personal check?

• The check is voided

• Your account balance decreases

• The transaction is recorded as a deposit

• Your account balance increases

What is a direct deposit?

• A withdrawal method at ATMs

• A type of bank account

• An automatic transfer of funds from employer to employee

• A manual deposit of cash at the bank

What is the consequence of writing a check without sufficient funds?

• The recipient is penalized

• The check is processed normally

• The bank offers a loan to cover the amount

• The check may bounce and incur fees

What should be done every time a transaction is made?

• Update the passbook

• Inform the bank manager

• Record it in the transaction register

• Send a notification to the IRS