FDIC Money Smart: Personal Finance Education Program, Lessons &
Resources
Which of the following are federally insured financial institutions? - correct answer ✔✔Banks &
thrifts, credit unions
Which of the following is a good reason to use a bank? - correct answer ✔✔All of the above
(money insured, money is safe, you can access money quickly)
Which bank employee can cash a check for you? - correct answer ✔✔Bank Teller
A savings account is a good place to save for goals such as a car or college tuition? - correct
answer ✔✔True
Investments in non-deposit accounts are NOT insured by the FDIC, meaning you could lose
some or all of your money, they include: - correct answer ✔✔Stocks, mutual funds, bonds
Before opening a bank account you will more than likely need to provide: - correct answer
✔✔Photo identification & social security number or ITIN number
It does not make sense to shop around before opening a checking or savings account because
most financial institutions offer the same services, fees, and interest rates. - correct answer
✔✔False
Todd receives an $120.00 paycheck and deposits the entire amount into his savings account. His
opening balance was $1,000. What is his new savings account balance? - correct answer
✔✔$1,120.00
, Todd's checking account balance is $500.00. On Monday he writes a check for $35.00. On
Tuesday he withdraws $20.00 from an ATM. What is his new checking account balance? -
correct answer ✔✔$445.00
State Bank charges $35.00 for bouncing a check. What is this fee called? - correct answer
✔✔Overdraft fee
If you receive interest on your checking or savings account, you should add it to your account
balance. - correct answer ✔✔True
Some banks will waive the monthly maintenance fee for deposits accounts if your employer or a
government agency issue your paycheck or benefits check using this method. - correct answer
✔✔direct deposit
With online banking you can access your account at any time for reasons such as to: - correct
answer ✔✔view your account balances, conduct transactions, and change account information
If you wish to restrict the amount of your personal financial information that is shared with
other financial institutions you should choose to OPT IN when you receive a privacy notice. -
correct answer ✔✔false
You answer the phone one evening at home. The voice on the other end is offering a free
weekend trip to a ski resort, but to get your coupon you must give a credit card number. Do you
give the number? - correct answer ✔✔No way! They could use my number to commit fraud.
You call your bank find out if a deposit was posted to your account. The customer service
representative asks you for your SSN to verify your identity. Do you give it to them or hang up? -
correct answer ✔✔Give it to them.
Pharming - correct answer ✔✔A phishing attack that automatically redirects the user to a fake
site.
Resources
Which of the following are federally insured financial institutions? - correct answer ✔✔Banks &
thrifts, credit unions
Which of the following is a good reason to use a bank? - correct answer ✔✔All of the above
(money insured, money is safe, you can access money quickly)
Which bank employee can cash a check for you? - correct answer ✔✔Bank Teller
A savings account is a good place to save for goals such as a car or college tuition? - correct
answer ✔✔True
Investments in non-deposit accounts are NOT insured by the FDIC, meaning you could lose
some or all of your money, they include: - correct answer ✔✔Stocks, mutual funds, bonds
Before opening a bank account you will more than likely need to provide: - correct answer
✔✔Photo identification & social security number or ITIN number
It does not make sense to shop around before opening a checking or savings account because
most financial institutions offer the same services, fees, and interest rates. - correct answer
✔✔False
Todd receives an $120.00 paycheck and deposits the entire amount into his savings account. His
opening balance was $1,000. What is his new savings account balance? - correct answer
✔✔$1,120.00
, Todd's checking account balance is $500.00. On Monday he writes a check for $35.00. On
Tuesday he withdraws $20.00 from an ATM. What is his new checking account balance? -
correct answer ✔✔$445.00
State Bank charges $35.00 for bouncing a check. What is this fee called? - correct answer
✔✔Overdraft fee
If you receive interest on your checking or savings account, you should add it to your account
balance. - correct answer ✔✔True
Some banks will waive the monthly maintenance fee for deposits accounts if your employer or a
government agency issue your paycheck or benefits check using this method. - correct answer
✔✔direct deposit
With online banking you can access your account at any time for reasons such as to: - correct
answer ✔✔view your account balances, conduct transactions, and change account information
If you wish to restrict the amount of your personal financial information that is shared with
other financial institutions you should choose to OPT IN when you receive a privacy notice. -
correct answer ✔✔false
You answer the phone one evening at home. The voice on the other end is offering a free
weekend trip to a ski resort, but to get your coupon you must give a credit card number. Do you
give the number? - correct answer ✔✔No way! They could use my number to commit fraud.
You call your bank find out if a deposit was posted to your account. The customer service
representative asks you for your SSN to verify your identity. Do you give it to them or hang up? -
correct answer ✔✔Give it to them.
Pharming - correct answer ✔✔A phishing attack that automatically redirects the user to a fake
site.
