Personal Finance Unit 9.2 Review 1. Each of these is a way to get money INTO your checking account EXCEPT...

a. Deposit a check through an ATM

b. Do an electronic transfer from another account

c. Send cash in the mail to the bank

d. Do a mobile check deposit

2. FDIC insurance provides...

a. Health insurance coverage after you turn 26

b. Banks with insurance so that customers can’t scam them

c. A guarantee your bank won’t ever go out of business

d. A guarantee that your money in your checking account, up to $250,000, is safe and available to you

3. Which term from your bank statement represents the amount of money you have in your account at a given point?

a. Reference number

b. Deposit

c. Withdrawal

d. Balance

4. What is an overdraft fee?

a. Fee for using out-of-network ATM

b. Fee for withdrawing more money than you have in your account

c. Fee for writing a check

d. Fee for going below your minimum balance requirement

5. Tori has $75 in her checking account and swipes her debit card for a $90 purchase at Target. She has overdraft protection. What most likely happens?

a. Her purchase is declined

b. Target calls the police to report her for fraud

c. Her purchase is approved, and she pays no fee

d. Her purchase is approved, but she pays an overdraft fee

6. Why is it a good idea to set up mobile alerts for your checking account?

a. If you enable them, your bank can no longer charge fees

b. The warnings might alert you in time to prevent your making costly mistakes

c. You won’t need to review your bank statements anymore

d. The alerts will transfer extra money into your account to prevent you from overdrawing

7. Which statement regarding online bill pay is accurate?

a. Online bill pay is a system by which your employer can automatically send your paychecks to your checking account.

b. Online bill pay is only used for recurring bill pay such as your cell phone or car insurance bills.

c. Online bill pay refers to using your mobile phone to deposit a check by taking a picture.

d. Online bill pay can be used for one-time payments as well as recurring payments.

8. Fill in the blanks: Direct deposit typically refers to your sending your electronically to your bank account.

a. employer, bills

b. parents, allowance

c. credit card company, bills

d. employer, paycheck

9. Each of the following is a convenience of online banking EXCEPT…

a. Avoid the service charge associated with doing your banking in person at a bank branch

b. Set up automatic alerts for low balances, suspicious activity, etc

c. Transfer money between your checking and savings accounts

d. Monitor your account balances to try to avoid overspending or overdrawing

10. When it comes to transferring money, what does it mean to “authenticate” the transaction?

a. Use your phone and a mobile app rather than a credit card

b. Use a PIN, your fingerprint, or face ID to prove it’s you

c. Send an email confirmation

d. Save your receipt so you have a record of it later

11. Currently, digital wallets can be used for all of the following EXCEPT...

a. Holding government ID like a passport or driver’s license

b. Replacing a paper airplane boarding pass

c. Storing person-to-person transfers

d. Linking to your credit or debit card

12. Which person-to-person payment activity will likely result in your paying a fee?

a. Linking P2P to your credit card

b. Linking P2P to your bank checking account

c. Sending money to a P2P member who is not in your contact list

d. Receiving money from another member of the P2P app