Personal Finance - Managing Checking and Debit Accounts Quiz

Test your knowledge on checking accounts, debit cards, fees, and more with our interactive quiz.

Practice Learn Test

Which of the following is a characteristic of a checking account?

Earns high-interest rates

Allows unlimited withdrawals

Requires a minimum balance

Offers overdraft protection

What is the primary purpose of a debit card?

To borrow money from the bank

To earn rewards points

To make purchases using funds from a checking account

To transfer funds internationally

What is the purpose of a check register in managing a checking account?

To record all transactions and maintain an accurate balance

To request a new set of checks from the bank

To dispute unauthorized transactions with the bank

To apply for a debit card

Which of the following actions is NOT typically allowed with a debit card?

Making purchases online

Withdrawing cash from an ATM

Writing a check

Transferring funds to another person's account

What is the purpose of a check endorsement?

To authorize the bank to process the check

To transfer ownership of the check to another party

To dispute a transaction with the bank

To void the check

Which of the following is NOT a potential fee associated with a checking account?

Monthly maintenance fee

Withdrawal fee

Overdraft fee

ATM usage fee

What does it mean to 'balance' a checking account?

To close the account permanently

To maintain a specific amount of funds

To reconcile withdrawals and deposits to ensure accuracy

To transfer funds to a savings account

What is the purpose of a routing number for a checking account?

To identify the account holder's name

To identify the bank and location associated with the account

To determine the account balance

To track recent transactions

What is the FDIC and how does it relate to checking accounts?

Federal Debt and Investment Commission, regulates checking account fees

Federal Deposit Insurance Corporation, insures deposits in checking accounts

Financial Deposit and Investment Corporation, provides investment advice for checking account holders

Financial Disclosure and Investment Commission, sets interest rates for checking accounts

#10

What is a 'float' in the context of a checking account?

A type of fee charged for bounced checks

The amount of time it takes for a deposited check to clear

The balance left in the account after all withdrawals

The maximum amount of funds allowed in a checking account

#11

What is Regulation D in the context of banking?

A law that sets limits on the number of withdrawals from savings accounts

A regulation that requires banks to disclose interest rates

A rule that governs credit card usage

A guideline for opening checking accounts

#12

What is the typical grace period for reporting fraudulent activity on a checking account?

24 hours

3 business days

10 calendar days

30 days

#13

What is a 'stop payment order' in the context of a checking account?

A request to freeze all activity on a checking account

A request to cancel a check before it is processed

An order to close a checking account permanently

An order to increase the overdraft limit