Name:
Date:
Graded Assignment
Section 3 Study Questions
Instructions
Save the file in your Finance folder, and name it with Study, the section number, and your first initial and last name. For example, Jessie Robinson's study questions for Section 1 would be named Study1JRobinson.
Answer the questions for each lesson on the same day that you read the lesson. Save the file before closing it each day. Then turn in your answers to the study questions at the end of the section. Review Lesson 4 of the Course Overview for instructions about turning in your study questions.
Assignment
Total score: ____ of 6.0 points
Answer each question fully. Complete sentences are not necessary.
Lesson 1
(Score for Question 1: ___ of 0.5 points)
What is cash?
Answer: Money in coins or notes, as distinct from check, money orders, or credit/debit cards.
(Score for Question 2: ___ of 0.5 points)
What is a bank balance?
Answer: The amount of money held in a bank account at a given moment.
(Score for Question 3: ___ of 1.0 points)
Name at least two things to consider when choosing a bank.
Answer: One is FDIC and the other is online banking option.
(Score for Question 4: ___ of 1.0 points)
Name at least two risks banks face.
Answer: Loaning money that does not get paid back and interest rate increase.
Lesson 2
(Score for Question 1: ___ of 1.0 points) 1. List the three main types of transactions.
Answer: Deposit, withdrawal, and transfer.
(Score for Question 2: ___ of 0.5 points)
What are debit cards?
Answer: Are small wallet sized cards that can be electronically to transfer money from one bank to another.
(Score for Question 3: ___ of 0.5 points)
What is reconciling your bank statement?
Answer: Reconciling your bank statement should be done every month when you bank statement arrives in the mail. A reconciliation reviews the income and expenses and compares what the bank has recorded