Unit 4: Banking Flashcards

(50 cards)

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 _____.

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
The four benefits of direct deposit are _____, ________, __________, and ________.
convenience, quick, increased savings, safety
26
P2P apps like _______, _______, _______ are used to __________
Venmo, PayPal, Cash app, between people
27
You can lose money using P2P if you _______ or _______
send it to wrong person, pin leaked
28
Pay to the order of ________
person or company receiving check (payee)
29
For __________
Intended purpose of check
30
Add a security line ______ the numerical and word payment.
after
31
The word "and" only goes _______ cents
before
32
List date as __________ on a check
October 11, 2021
33
Two spots where you can adjust a check without voiding it are _________ and __________.
Date with initial, name of recipient (payee) with initial or sign both versions on back
33
Two spots where you can adjust a check without voiding it are _________ and __________.
Date with initial, name of recipient (payee) with initial or sign both versions on back
34
A blank endorsement is when the ________ signs the back of the check
Payee (recipient)
35
A restrictive endorsement is when the ______ and ________ sign the back of the check, allowing ________.
payee (recipient) and payer, only the payee to cash the check with "for deposit only"
36
A 3rd party check allows you to _________.
Pass the check off to someone else's account by signing back with "pay to order of"
37
A _______ allows you to put cash or check into your checking account.
deposit slip
38
A _______ helps you take cash out of your account
withdrawal slip
39
For __________, you must leave your deposit in the bank for the time specified.
Certificates of deposit
40
You should save ____ percent of your paycheck.
20
41
Investing is for ______ term savings, while savings is for _______________.
long, immediate purchases
42
You should keep your emergency fund in your ______ to make sure that ______
savings account, don't spend it on day to day items
43
50-20-30 means 50% ______, 20% _______, and 30% _________
Mandatory expenses, savings and debt, wants
44
Paying yourself first means
that you take total monthly income, subtracting expenses and set some money aside for savings right after you get your paycheck.
45
Savings accounts (do/do not) allow you to access money fro withdrawals on a daily basis
do not
46
A _______ account earns interest
savings
47
When looking at rates on savings accounts, you want your interest rate to be ______
higher
48
You should prioritize _______ because it grows quicker the sooner you start
investing
49
It takes __ to __ days to process a reoccuring bill request
4 to 6.