Unit 2 CFL QUESTIONS ANDA SWERS
WITH VERIFIED SOLUTIONS 100%
CORRECT RATED A+
T/F A Valid ID to open a checking account can be a High School ID -
ANSWER✔✔False
T/F To endorse a check you have to sign the back - ANSWER✔✔True
What are 3 reasons to save money - ANSWER✔✔Emergency, Future purchases,
Investment
What is the purpose of the Patriot Act - ANSWER✔✔Collect certain information
to open a checking account
What is the mathematical formula that would describe the financial activity on a
bank statement - ANSWER✔✔Ending balance = previous balance + deposits -
withdrawl
How is credit different from debit - ANSWER✔✔Credit has money taken out at a
later date
What is a safety deposit box used for - ANSWER✔✔Used to store valuables in a
bank
T/F You can deposit money into your checking account by using an ATM -
ANSWER✔✔False
WITH VERIFIED SOLUTIONS 100%
CORRECT RATED A+
T/F A Valid ID to open a checking account can be a High School ID -
ANSWER✔✔False
T/F To endorse a check you have to sign the back - ANSWER✔✔True
What are 3 reasons to save money - ANSWER✔✔Emergency, Future purchases,
Investment
What is the purpose of the Patriot Act - ANSWER✔✔Collect certain information
to open a checking account
What is the mathematical formula that would describe the financial activity on a
bank statement - ANSWER✔✔Ending balance = previous balance + deposits -
withdrawl
How is credit different from debit - ANSWER✔✔Credit has money taken out at a
later date
What is a safety deposit box used for - ANSWER✔✔Used to store valuables in a
bank
T/F You can deposit money into your checking account by using an ATM -
ANSWER✔✔False