Title: QUIZ: Checking and Savings Accounts Module
Course: Andria FRE > Section: Checking and Savings Accounts (It's Your Paycheck, Lesson 3) Module

Q: Which of the following statements is false?
- A credit is a deposit to a checking account.
- A debit is a withdrawal from a checking account.
- An overdraft is a fee your bank charges you for opening a checking account.
- Taking money from your account with an ATM card is a debit.
A: An overdraft is a fee your bank charges you for opening a checking account.
If right: That is correct!
If wrong: That is incorrect. An overdraft fee is a fee your bank charges if you spend more money than you have in your account.

Q: Which of the following allows the owner to write checks on their accounts and use ATM cards and debit cards to access funds?
- Savings account
- Check-cashing service
- Checking account
- Direct deposit account
A: Checking account
If right: That is correct!
If wrong: That is incorrect. A checking account allows the owner to write checks on their accounts and use ATM cards and debit cards to access funds.

Q: If a checking account begins the month with a balance of $35.00 and over the month has debits of $150.00 and credits of $175.00, the balance at the end of the month is ____.
- $10.00
- $25.00
- $60.00
- -$290.00
A: $60.00
If right: That is correct!
If wrong: That is incorrect. ($35 - $150 + $175 = $60)

Q: Which of the following is true of check-cashing services?
- Check-cashing services may charge hefty fees for cashing paychecks.
- Check-cashing services offer all the same services as a local bank.
- Check-cashing services insure your deposits up to $100,000.
- Check-cashing services allow you to write checks on your deposits.
A: Check-cashing services may charge hefty fees for cashing paychecks.
If right: That is correct!
If wrong: That is incorrect. Check-cashing services may charge hefty fees for cashing paychecks. They do not offer the same services as a bank; you cannot write checks on your deposits, and your money is not insured through the use of check-cashing services.

Q: Which of the following statements concerning direct deposit is false?
- Direct deposit is more convenient than being paid with a paper check.
- Direct deposit is safer than being paid with a paper check.
- Direct deposit is more efficient than being paid with a paper check.
- It is illegal for companies to require employees to use direct deposit.
A: It is illegal for companies to require employees to use direct deposit.
If right: That is correct!
If wrong: That is incorrect. It is legal for companies to require employees to use direct deposit. And, using direct deposit is safe, convenient, and efficient.

Q: Which of the following statements concerning a bank savings account is false?
- Deposits are insured for at least $100,000.
- Your money will earn interest.
- You will pay a hefty fee for cashing or depositing your paycheck into a savings account.
- You can use an ATM or debit card with a savings account.
A: You will pay a hefty fee for cashing or depositing your paycheck into a savings account.
If right: That is correct!
If wrong: That is incorrect. Fees associated with having a savings account are actually quite small. Fees associated with check-cashing services, though, can be quite hefty.

Q: A ________________ is added to the balance of an account. A _____________is subtracted from an account.
- debit; withdrawal
- credit; debit
- credit; deposit
- debit; credit
A: credit; debit
If right: That is correct!
If wrong: That is incorrect. A credit is added to the balance of an account. A debit is subtracted from an account. Likewise, a deposit is added to the balance of an account, and a withdrawal is subtracted from an account.

Q: True or False: Writing checks, swiping debit cards, and submitting electronic payments are all ways to pay bills with a checking account.
- True
- False
A: True
If right: That is correct!
If wrong: That is incorrect. The answer is true. These are all convenient ways to pay for things using a checking account.