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PF Chapter 1 Review

Personal Finance Chapter 1 Test Review

QuestionAnswer
Routing Number 9-digit identification number used by financial institutions to identify where a bank account is located.
Account Number specific account number at that financial institution
Check Number holds no significance besides helping you keep track of which check you’re writing
Where do funds come from when you swipe your debit card? Checking account
What is Overdraft Protections It ALLOWS you to overdraft your checking account, a fee is charged each time.
If you don't have overdraft protection and swipe your card without enough fund to pay for your purchase, what happens Your card will be declined.
3 ways to deposit money into your account At the bank, at the atm, direct deposit from your employer, electronic transfer, mobile app deposit or 3rd party app like Venmo.
How are Debit Cards and Prepaid Cards Alike Both are linked to a specific amount of money, you can't spend more than you have on the card.
How are Debit Cards and Prepaid Cards Different Prepaid cards come with a lot more hidden fees and are not linked to a bank account
How much Money should you keep in your checking account? One full paycheck
What is a low balance alert? It lets you know when your checking account falls below a certain amount. This helps you know to stop spending money until you deposit more money into your account.
What is the difference between a checking account agreement and a checking account statement. A checking account agreement shows you the terms and conditions. A checking account statement shows you all of the deposits and withdrawals from your account during the previous monthly period.
How often you receive a bank statement from your bank? Monthly
What is the formula to show activity on your bank statement Ending Balance = Previous Balance + Deposits - Withdrawals
What does a blank endorsement look like? It only has your signature
What does a restrictive endorsement look like? I says FOR DEPOSIT ONLY and has your signature. This makes it so the check can ONLY be deposited it cannot be cashed
What is Reconciling your checking account? The process of comparing your own records (check register) to the records of your bank (bank statement).
When was online banking first created? 1983
Why do banks want their customers to use online/mobile banking? It allows tellers and other bankers to spend less time helping customers with small tasks
List 3 bills commonly paid online or through mobile payment. Verizon, Disney +, Sirus XM
Why is a digital wallet safer than a traditional debit card? It can be safer because you never have to worry about losing your card.
List three advantages of online banking. Pay bills, Request transfers from one account to another and Automate your savings.
What are two fees banks usually charge you for your checking account. Overdraft fees & Out of network ATM useage
What is FDIC insurance? FDIC insurance guarantees you will get all of your money back, up to $250,000, if your bank goes out of business.
When opening a checking account what should you bring with you to the bank? minimum deposit, legal form of identification, completed application from the bank
What are Person to Person payments? Person-to-person payments allow you to transfer funds from your bank account to another individual's bank account.
What are 2 examples of Person to Person payments Venmo, Paypal, apple pay
When you use your debit card when will the money come out of your checking account? IMMEDIATELY
When writing a check when will the money come out of your checking account? 2-3 days because you have to wait for the person to deposit the check and then you have to wait for that check to clear through the bank.
When choosing a checking out what is the one thing you shouldn't worry about? Interest Rates.
Created by: Mrs.Widdifield
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