FHCE 3200 Module 4 2025 Questions
and Answers
Banking Account Types: - --Answer ---checking accounts (convenient, safe,
liquid)
-savings (available options for short term savings; preferably safer low risk assets-
usually generate low returns, but provides safety of capital)
Checking accounts: - --Answer ---named derived from an account that
enables the account holder to write checks
-a check is simply your written order to your bank to pay a third party
-checks have changed very little over time
Federal Reserve Act of 1913 - --Answer --set in the motion the creation of a
national system where a check written in one city at one bank could be cashed in
another city at another bank
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, Bank Routing Number - --Answer --9 digit code on lower left check; in
combination with a bank account, which act as a payment trail for transferred
funds
___ of american's conduct business on daily basis without a checking account. - --
Answer --8%; these consumers are forced to us cash for most purchases
3 major reasons to have a checking account: - --Answer ---you need an
account that can accept your wages and salary income in the form of a direct
deposit
-protection: checking accounts are insured by FDIC Deposit Insurance Coverage,
(coverage up to at least $250,000 in case the bank was to go out of business)
-ability to use debit cards
What to look for in a bank: - --Answer ---reasonable monthly fee
(<$5/mon)
-no monthly fees for debit cards
-free use of in-network ATMs
-low minimum balance requirements
-accounts that allow unlimited withdrawals and checks on a monthly basis
-requires no minimum, or a smaller dollar amount
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
and Answers
Banking Account Types: - --Answer ---checking accounts (convenient, safe,
liquid)
-savings (available options for short term savings; preferably safer low risk assets-
usually generate low returns, but provides safety of capital)
Checking accounts: - --Answer ---named derived from an account that
enables the account holder to write checks
-a check is simply your written order to your bank to pay a third party
-checks have changed very little over time
Federal Reserve Act of 1913 - --Answer --set in the motion the creation of a
national system where a check written in one city at one bank could be cashed in
another city at another bank
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, Bank Routing Number - --Answer --9 digit code on lower left check; in
combination with a bank account, which act as a payment trail for transferred
funds
___ of american's conduct business on daily basis without a checking account. - --
Answer --8%; these consumers are forced to us cash for most purchases
3 major reasons to have a checking account: - --Answer ---you need an
account that can accept your wages and salary income in the form of a direct
deposit
-protection: checking accounts are insured by FDIC Deposit Insurance Coverage,
(coverage up to at least $250,000 in case the bank was to go out of business)
-ability to use debit cards
What to look for in a bank: - --Answer ---reasonable monthly fee
(<$5/mon)
-no monthly fees for debit cards
-free use of in-network ATMs
-low minimum balance requirements
-accounts that allow unlimited withdrawals and checks on a monthly basis
-requires no minimum, or a smaller dollar amount
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
