Title: QUIZ: Banking Basics -- Page One Economics®
Course: Kelly's Copying and Exporting Course > Section: Banking Basics -- Page One Economics®

Q: To open a bank or credit union account in person, people need
- one form of identification, such as a Social Security card, state-issued driver’s license, passport, or birth certificate.
- two forms of identification, such as a Social Security card, state-issued driver’s license, passport, or birth certificate.
- one form of identification, such as a Social Security card, state-issued driver’s license, passport, or birth certificate, and a recommendation from someone who already has an account at the bank or credit union.
- two forms of identification, such as a Social Security card, state-issued driver’s license, passport, or birth certificate, and an endorsement from someone who already has an account at the bank or credit union.
A: two forms of identification, such as a Social Security card, state-issued driver’s license, passport, or birth certificate.

Q: If properly insured, each of your bank accounts is protected up to
- $25,000.
- $50,000.
- $150,000.
- $250,000.
A: $250,000.

Q: Make sure that any bank at which you open an account is a member of the
- Office of the Comptroller of the Currency.
- Federal Deposit Insurance Corporation.
- Consumer Financial Protection Bureau.
- Federal Reserve Board.
A: Federal Deposit Insurance Corporation.

Q: Make sure that any credit union at which you open an account is a member of the
- Office of Thrift Supervision.
- Consumer Financial Protection Bureau.
- National Credit Union Association.
- Federal Securities and Exchange Commission.
A: National Credit Union Association.

Q: Online-only banks provide online banking services; banks and credit unions do not.
- True
- False
A: False

Q: Which of the following is an important thing to consider when choosing a bank or credit union for a checking account?
- Whether your friends have accounts at the same bank or credit union
- Whether there are monthly fees or minimum balance requirements
- The color scheme used on a bank’s checks
- The name of the bank or credit union
A: Whether there are monthly fees or minimum balance requirements

Q: Which of the following is a reason for having an account at a bank or credit union?
- Your money is safe, and money in an account will not earn interest.
- You have no record of your transactions, but access to cash.
- You’ll be limited to one account at the institution ensuring no confusion in transactions.
- You’ll likely have 24-hour access to your money.
A: You’ll likely have 24-hour access to your money.

Q: Once you have an account at a bank or credit union, it is important to manage your account. This means checking
- the balance in the account once in a while.
- the deposits made to the account once a week.
- that deposits withdrawn from your account and payments made to your account are accurate.
- that deposits made to your account and payments made from your account are accurate.
A: that deposits made to your account and payments made from your account are accurate.

Q: It is important to make sure deposits and withdrawals are accurate so that you can
- avoid paying overdraft fees and make certain records and account balances are accurate.
- ensure that you are paying the appropriate amount of taxes on your account.
- make sure the bank or credit union is publishing correct information about you on its website.
- maintain a strong relationship with your bank.
A: avoid paying overdraft fees and make certain records and account balances are accurate.

Q: Online banks have physical buildings that you can go to if needed.
- True
- False
A: False