Personal Finance Courses: Managing Your Money at a Bank or Credit Union

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Choose wisely. There is only one correct answer to each question.

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1.
Checking accounts are designed for _______ money.
Choose wisely. There is only one correct answer.
Spending. As such, most of their value lies in helping you pay expenses.
2.
Which of the following is probably least important when evaluating an online bank's trustworthiness?
Choose wisely. There is only one correct answer.
Whether it offers rewards points for signing up. While rewards may be welcome, they are probably the least important regarding the trustworthiness of a digital bank.
3.
A good way to ensure you save some of your income each month is to _______.
Choose wisely. There is only one correct answer.
Use online banking to set up an automatic monthly transfer of funds from your checking to savings account. Doing this ensures that you 'pay yourself first' each month.
4.
If you are required to keep a bank balance of $500 and your balance falls to $499, what kind of fee might you have to pay as a result?
Choose wisely. There is only one correct answer.
Low-balance penalty fee. This fee might be charged if you fall below a certain amount; it depends on how the bank calculates your balance.
5.
If you use a check cashing store to cash your paychecks twice per month at $6 per check, over the course of one year (24 paychecks) you will pay $_______ in fees.
Choose wisely. There is only one correct answer.
$144. Cashing 24 paychecks at a check cashing store, at $6 each, would equal $144.
6.
Suppose your balance at the end of the month in your check register is $98. Let's say you would like to have a little more of a cushion and would like your balance to be at least $200 at the end of the month. What are your options for accomplishing this?
Choose wisely. There is only one correct answer.
All of the above. Reducing your expenses is all about making choices. What tradeoffs are you willing to make to free up additional savings dollars?
7.
What does the ChexSystems database do?
Choose wisely. There is only one correct answer.
Track people who mishandle their checking or savings accounts. ChexSystems keeps tabs on bad behavior with your checking or savings account.
8.
What does the routing number on a check refer to?
Choose wisely. There is only one correct answer.
The financial institution that issued the check. The routing number is used for this purpose.