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.
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.
2.
When opening a new account at a bank or credit union, which type of account is more appropriate if you are paying bills and making purchases?
Choose wisely. There is only one correct answer.
Checking account. Checking accounts are designed for spending money, such as bills.
3.
How much deposit insurance do check cashing stores provide?
Choose wisely. There is only one correct answer.
None. You don't get an account at a check cashing store, so you cannot get deposit insurance.
4.
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?
5.
If you overdraw your checking account, you should expect to pay an average fee of $_______ per transaction that occurs when your account is overdrawn.
Choose wisely. There is only one correct answer.
$35. Yep. It costs about this much in fees for each transaction that occurs when your account is overdrawn. Three overdrafts would cost you $105 in fees!
6.
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.
7.
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.
8.
A benefit of establishing a relationship with a financial institution as a young adult is that _______.
Choose wisely. There is only one correct answer.
You get both the strong financial foundation and the access to other financial products and services. These benefits are important for most consumers.