Personal Finance Lesson #2 - Understanding Money: Banking

The difference between a checking and savings account is:
A checking account lets you write paper checks as a form of money, savings does not
You can't make withdrawals from a savings account
Savings accounts don't issue debit cards
Both are legal forms of bank accounts
A bank account serves what purpose?
To have a safe place to deposit monies
To have a central place for all financial transactions and financial records
To have a place to link various accounts for personal finance
Gives you interest on certain balances and accounts
When you reconcile an account for a month, you do what?
Add deposits
Subtract expenses or checks, withdrawals, fees, or payments & service charges
Make sure the beginning and ending balances match
Check to see what expenditures have and have not cleared
A Service Charge is a fee for what?
A type of service like an ATM fee
A fee for certain types of accounts
A fee charged for overdrafts
A fee charged for interest
When reconciling an account, interest should be treated as what type of transaction?
A deposit
A credit
A withdrawal
An annual fee
The minimum balance in a checking account is what?
The amount you have left at the end of every month
The amount you have after depositing money
The amount required to keep the account open
The amount required to close the account
How are Credit Unions different from banks?
Banks are for-profit, owned by private companies, and usually charge for services
Credit Unions are owned by its members; often most of their accounts are free and usually offer better loan rates
Banks are owned by rich white dudes to take other people's money
Banks are community services available to many different types of people groups
A debit card purchase from a checking or savings account is a type of
Withdrawal
Deposit
Purchase
Service Fee
The placement of a paycheck or money into your bank account is called
A withdrawal
A service fee
Deposit
Closing balance
A check register is to help you do what?
Balance your checking account
Keep track of purchases, ATM withdrawals, and deposits
Track interest and bank fees
Reminds you to deduct service fees
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