#1
Which of the following is NOT a benefit of using a debit card?
Earns interest on purchases
ExplanationDebit cards do not earn interest on purchases.
#2
What is the main difference between a checking account and a savings account?
Purpose
ExplanationThe main difference is the purpose: checking for everyday transactions, savings for saving money.
#3
Which of the following is a characteristic of a joint checking account?
Multiple people have access to the account
ExplanationJoint checking accounts allow multiple individuals to access the account.
#4
Which of the following is NOT typically required to open a checking account?
Credit history check
ExplanationChecking accounts typically do not require a credit history check for opening.
#5
When you use a debit card, the money is deducted directly from:
Your checking account
ExplanationDebit card transactions directly deduct money from your checking account.
#6
Overdraft fees occur when:
You have insufficient funds in your account to cover a transaction
ExplanationOverdraft fees happen when there's not enough money in your account to cover a transaction.
#7
What is the purpose of a debit card PIN?
To authorize transactions
ExplanationA debit card PIN is used to authorize transactions.
#8
Which of the following is an advantage of online banking for checking accounts?
Convenience of managing accounts remotely
ExplanationOnline banking offers the convenience of managing checking accounts remotely.
#9
What is the purpose of a routing number on a check?
To identify the bank
ExplanationRouting numbers on checks identify the bank associated with the account.
#10
What is the purpose of a stop payment order?
To prevent a specific check from being cashed
ExplanationA stop payment order prevents a specific check from being cashed.
#11
What is the purpose of a debit card expiration date?
To verify the card's authenticity
ExplanationA debit card expiration date is used to verify the card's authenticity.
#12
What is a common fee associated with overdraft protection?
Overdraft fee
ExplanationAn overdraft fee is a common fee associated with overdraft protection.