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Consumer Education > Unit 4: Banking > Flashcards

Unit 4: Banking Flashcards

1
Q

Overdrawn is when you have a ________ balance in your account

A

negative

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2
Q

The bank uses _______ _________ when you don’t have enough money in your account. This results in a $__ fee _________.

A

overdraft protection, 35, every transaction

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3
Q

T/F Once you are signed up for overdraft protection, you can’t opt out

A

F

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4
Q

You can avoid overdraft fees by enabling ______ or _________

A

alerts, opting out

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5
Q

3 mobile alerts that can help avoid fees are ______, _________, and ________

A

Unusual account activity, large purchase, low balance

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6
Q

Apple cash used for _________ while apple pay is used for _________.

A

person to person, transactions

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7
Q

When you lose a debit card, you are liable for up to __ 1-2 days after, _____ 30-60 days after, and ___ 61+ after.

A

50, 500, all

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8
Q

The Fair Credit Billing act ensures that the max liability for credit cards is ____.

A

50

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9
Q

What are cons of credit cards?

A

Can affect credit score, promotes overspending, and huge interest rates if not paid on time

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10
Q

What are the pros of a credit card?

A

Can pay after a grace period, can spend higher than currently have, rewards, travel insurance, fraud protection, can pay back over time, no need for pin number

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11
Q

What are the cons of debit cards?

A

Get declined if insufficient funds, overdraft fees, maintenance fees, hard to purchase large items, need a pin number, no rewards,

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12
Q

What are pros of debit cards?

A

Makes ATM withdrawals, stay out of debt, avoid credit scrutiny, simplify finances

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13
Q

You can take money out of your account by _______, _______, and __________.

A

writing checks, ATM withdrawals, automatic payments to utilities

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14
Q

You can put money into your checking account by _________, _________, and ________.

A

ATM deposits, cashing checks, direct deposit paycheck

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15
Q

It is important to have a free checking account to avoid _______.

A

fees

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16
Q

What are 4 advantages of a checkings account?

A

convenient, safe, quick, and helps track finances

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17
Q

Your money is FDIC insured up to ______, which means that ____________.

A

250,000; you will get refunded up to 250,000 if the bank goes under

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18
Q

A bank statement helps you to see ______ and ________ each month.

A

deposits, withdrawals

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19
Q

Fees on a bank statement could be from _____________, ___________, or _______.

A

ATM withdrawals out-of-network, overdraft fees, maintenance fees

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20
Q

You should check your bank statement every ______.

A

week

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21
Q

You receive bank statements every _____.

A

month

22
Q

A person who is unbanked spends more ______ and ______. They have no way to ______ or recieve _________.

A

time, gas; build a credit history, direct deposits

23
Q

List 4 bills for regular online bill pay

A

INternet, cell phone, electricity, and apartment

24
Q

A direct deposit is a way to _______ put money in your checking account.

A

electronically

25
Q

The four benefits of direct deposit are _____, ________, __________, and ________.

A

convenience, quick, increased savings, safety

26
Q

P2P apps like _______, _______, _______ are used to __________

A

Venmo, PayPal, Cash app, between people

27
Q

You can lose money using P2P if you _______ or _______

A

send it to wrong person, pin leaked

28
Q

Pay to the order of ________

A

person or company receiving check (payee)

29
Q

For __________

A

Intended purpose of check

30
Q

Add a security line ______ the numerical and word payment.

A

after

31
Q

The word “and” only goes _______ cents

A

before

32
Q

List date as __________ on a check

A

October 11, 2021

33
Q

Two spots where you can adjust a check without voiding it are _________ and __________.

A

Date with initial, name of recipient (payee) with initial or sign both versions on back

33
Q

Two spots where you can adjust a check without voiding it are _________ and __________.

A

Date with initial, name of recipient (payee) with initial or sign both versions on back

34
Q

A blank endorsement is when the ________ signs the back of the check

A

Payee (recipient)

35
Q

A restrictive endorsement is when the ______ and ________ sign the back of the check, allowing ________.

A

payee (recipient) and payer, only the payee to cash the check with “for deposit only”

36
Q

A 3rd party check allows you to _________.

A

Pass the check off to someone else’s account by signing back with “pay to order of”

37
Q

A _______ allows you to put cash or check into your checking account.

A

deposit slip

38
Q

A _______ helps you take cash out of your account

A

withdrawal slip

39
Q

For __________, you must leave your deposit in the bank for the time specified.

A

Certificates of deposit

40
Q

You should save ____ percent of your paycheck.

A

20

41
Q

Investing is for ______ term savings, while savings is for _______________.

A

long, immediate purchases

42
Q

You should keep your emergency fund in your ______ to make sure that ______

A

savings account, don’t spend it on day to day items

43
Q

50-20-30 means 50% ______, 20% _______, and 30% _________

A

Mandatory expenses, savings and debt, wants

44
Q

Paying yourself first means

A

that you take total monthly income, subtracting expenses and set some money aside for savings right after you get your paycheck.

45
Q

Savings accounts (do/do not) allow you to access money fro withdrawals on a daily basis

A

do not

46
Q

A _______ account earns interest

A

savings

47
Q

When looking at rates on savings accounts, you want your interest rate to be ______

A

higher

48
Q

You should prioritize _______ because it grows quicker the sooner you start

A

investing

49
Q

It takes __ to __ days to process a reoccuring bill request

A

4 to 6.

Consumer Education (3 decks)

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