Question

circle the letter next to the correct answer.

1. distrust, unemployment, and bank fees are a few excuses people give for...

a. not making and sticking to a budget
b. not looking for work when their checking account is getting low
c. not having a savings or checking account
d. not filing their taxes

1. if you prefer great customer service and lower fees...

a. a small, local bank is often a great option
b. you should use the check cashing service at a large retailer
c. a large, national bank is for you
d. you should jump from bank to bank until you find the perfect match

1. a debit card, atm access, payroll direct deposit, and checks are basic features of

a. a money market account
b. online banking
c. a savings account
d. a checking account

1. if you see a charge you dont recognize, you should report it to your bank immediately.

a. true
b. false

1. people who are struggling with money often turn to alternative financial services like payday loans, but these services actually end up causing them to lose money.

a. true
b. false

1. with online banks, all of your deposits, transfers, and bill payments happen digitally, but...

a. online banks should never be trusted
b. these banks do not offer interest on savings accounts
c. its often more difficult to get in touch with a real person when you need assistance
d. they do not provide a debit card

1. with certificates of deposit (cds), you have to pay a penalty for

a. withdrawing your money early
b. depositing money into the account
c. creating a savings account
d. using an atm

1. verifying your banks online account statements for accuracy is called

a. reconciling your account
b. adjusting your budget
c. debit card fraud
d. direct deposit

Explanation:

• Question 9: Distrust of banks, unemployment (which might lead to financial instability and thus not having funds for accounts), and bank fees are common reasons people avoid having savings or checking accounts.
• Question 10: Small, local banks often focus on customer service and may have lower fees compared to large national banks or check - cashing services.
• Question 11: A checking account typically offers a debit card, ATM access, payroll direct deposit, and the ability to write checks.
• Question 12: Reporting unrecognized charges immediately is a good security practice to prevent fraud.
• Question 13: Alternative financial services like payday loans often have high - interest rates and fees, causing people to lose more money.
• Question 14: Online banks operate digitally, and it can be more difficult to get in - person or immediate human assistance compared to traditional banks.
• Question 15: Certificates of deposit (CDs) have a fixed term, and early withdrawal usually incurs a penalty.
• Question 16: Reconciling your account means verifying the accuracy of your bank statements.

Answer:

1. C. Not having a savings or checking account
2. A. A small, local bank is often a great option
3. D. A checking account
4. A. True
5. A. True
6. C. It’s often more difficult to get in touch with a real person when you need assistance
7. A. Withdrawing your money early
8. A. Reconciling your account