#1
What is the primary function of a checking account?
To facilitate everyday transactions
ExplanationFacilitates everyday transactions
#2
Which of the following is NOT a benefit of having a checking account?
High-interest earnings
ExplanationNo high-interest earnings
#3
Which of the following is NOT typically required to open a checking account?
Minimum balance requirement
ExplanationNo minimum balance requirement
#4
What is the purpose of a check register?
To record transactions and monitor account balances
ExplanationTransaction recording and balance monitoring
#5
Which of the following is NOT a common fee associated with checking accounts?
Interest rate fee
ExplanationNo interest rate fee
#6
Which of the following is NOT a way to access funds in a checking account?
Using a credit card
ExplanationNot using a credit card
#7
What is an overdraft fee?
A fee charged when an account balance goes below zero
ExplanationFee for negative balance
#8
What is the purpose of reconciling a checking account?
To ensure the bank's records match the account holder's records
ExplanationMatches bank and account holder records
#9
What does the term 'NSF' stand for in the context of checking accounts?
Non-Sufficient Funds
ExplanationInsufficient funds
#10
Which of the following is an advantage of using a debit card linked to a checking account?
Immediate deduction from the account balance
ExplanationImmediate deduction
#11
What is the purpose of a 'stop payment' order on a check?
To prevent the check from being cashed or deposited
ExplanationPrevents cashing or depositing
#12
What is the purpose of a routing number in a checking account?
To identify the bank and location of the account
ExplanationBank and account location identification
#13
What is a common feature of online banking for checking accounts?
Ability to pay bills and transfer funds electronically
ExplanationElectronic bill payment and fund transfer
#14
What is the Federal Deposit Insurance Corporation (FDIC) responsible for?
Ensuring the safety of deposits in member banks
ExplanationDeposits safety assurance
#15
What does the term 'ACH transfer' stand for?
Automated Clearing House
ExplanationAutomated transfer system
#16
What is the significance of the term 'cleared' in the context of check processing?
The check has been cashed or deposited successfully
ExplanationSuccessful cashing or depositing
#17
Which of the following is NOT a feature of mobile banking for checking accounts?
Limited security measures
ExplanationNo limited security measures