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

Test your knowledge

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

0%
Keep studying!

Get a certificate for this quiz
Enter your name and email address below and we will generate a certificate for this quiz.


Review your answers below to learn more.
1.
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?
2.
You can deposit checks into an account in your name at a check cashing store.
Choose wisely. There is only one correct answer.
False. You do not have an insured deposit account at a check cashing store.
3.
To avoid a monthly maintenance fee on your checking or savings account, you should _______.
Choose wisely. There is only one correct answer.
Maintain the account's required minimum balance. By maintaining the account's required minimum balance, you generally will avoid any type of monthly maintenance fee on the account.
4.
An overdraft fee occurs when your checking account withdrawals ________.
Choose wisely. There is only one correct answer.
Bring your account balance below zero. Your account is overdrawn when your balance goes below zero. It doesn't matter how many transactions you complete in the month or how much you deposit. It is based solely on your balance at the end of each business day.
5.
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.
6.
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.
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.
When choosing a bank or credit union account, which feature is the MOST important?
Choose wisely. There is only one correct answer.
It depends. No one feature is the most important; they vary according to the customer.