#1
What is the primary function of a checking account?
To earn interest on deposited funds
To borrow money from the bank
To facilitate everyday transactions
To invest in the stock market
#2
Which of the following is NOT a benefit of having a checking account?
Safety and security of funds
Convenience in making purchases
High-interest earnings
Easy access to funds via checks or debit cards
#3
Which of the following is NOT typically required to open a checking account?
Proof of identity
Minimum balance requirement
Social Security Number
Initial deposit
#4
What is the purpose of a check register?
To order new checks from the bank
To record transactions and monitor account balances
To endorse checks before depositing
To request a stop payment on a check
#5
Which of the following is NOT a common fee associated with checking accounts?
Overdraft fee
ATM withdrawal fee
Interest rate fee
Monthly maintenance fee
#6
Which of the following is NOT a way to access funds in a checking account?
Writing a check
Using an ATM card
Online banking transfer
Using a credit card
#7
What is an overdraft fee?
A fee charged for depositing funds
A fee charged for writing a check
A fee charged when an account balance goes below zero
A fee charged for transferring funds
#8
What is the purpose of reconciling a checking account?
To close the account
To track spending habits
To ensure the bank's records match the account holder's records
To apply for a loan
#9
What does the term 'NSF' stand for in the context of checking accounts?
National Savings Fund
Non-Sufficient Funds
Net Salary Figure
Negative Statement Fee
#10
Which of the following is an advantage of using a debit card linked to a checking account?
Accrual of rewards points
Ability to spend beyond the available balance
Immediate deduction from the account balance
Higher interest rates on purchases
#11
What is the purpose of a 'stop payment' order on a check?
To request a refund for a purchased item
To prevent the check from being cashed or deposited
To increase the amount of a check
To endorse the check
#12
What is the purpose of a routing number in a checking account?
To identify the account holder
To track spending habits
To identify the bank and location of the account
To transfer funds between different accounts
#13
What is a common feature of online banking for checking accounts?
Access to only basic account information
Limited transaction capabilities
Ability to pay bills and transfer funds electronically
No access to account statements
#14
What is the Federal Deposit Insurance Corporation (FDIC) responsible for?
Regulating interest rates on checking accounts
Ensuring the safety of deposits in member banks
Overseeing credit card transactions
Managing the stock market
#15
What does the term 'ACH transfer' stand for?
Automated Clearing House
Account Checking History
Available Cash Handling
Automated Credit Hold
#16
What is the significance of the term 'cleared' in the context of check processing?
The check has been cashed or deposited successfully
The check has been voided
The check is pending processing
The check has been rejected by the bank
#17
Which of the following is NOT a feature of mobile banking for checking accounts?
Ability to deposit checks remotely
Access to account statements
Capability to transfer funds between accounts
Limited security measures