identify whether each statement is true or false.\na. you can pay bills through a checking account: \n b…

identify whether each statement is true or false.\na. you can pay bills through a checking account: \n b. you use a credit card with your checking account: \n c. some banks may charge you an overdraft fee if you dont have funds to cover a purchase: \n d. you need to have at least $2,500 to open a checking account: \n e. checking account statements only show withdrawals, not deposits: \n19. mark whether each action will increase or decrease the balance in your checking account.\ndeposit cash at a local bank branch\nmake a purchase with your debit card\nmobile deposit a check\ntransfer money from another account\npay a bill through your online account\nwithdraw cash from an atm\n20. for each scenario, identify which form of payment would be best to use.\n a. youre splitting a restaurant bill with three friends after dinner: \n b. you want to give your cousin a $25 birthday gift they can use at their favorite clothing store: \n c. you dont have a bank account but want a safe way to make everyday purchases: \n d. youre checking out quickly at the grocery store and prefer not to carry your physical debit card: \ni. prepaid card\nii. gift card\niii. peer - to - peer payment app\niv. mobile wallet

identify whether each statement is true or false.\na. you can pay bills through a checking account: \n b. you use a credit card with your checking account: \n c. some banks may charge you an overdraft fee if you dont have funds to cover a purchase: \n d. you need to have at least $2,500 to open a checking account: \n e. checking account statements only show withdrawals, not deposits: \n19. mark whether each action will increase or decrease the balance in your checking account.\ndeposit cash at a local bank branch\nmake a purchase with your debit card\nmobile deposit a check\ntransfer money from another account\npay a bill through your online account\nwithdraw cash from an atm\n20. for each scenario, identify which form of payment would be best to use.\n a. youre splitting a restaurant bill with three friends after dinner: \n b. you want to give your cousin a $25 birthday gift they can use at their favorite clothing store: \n c. you dont have a bank account but want a safe way to make everyday purchases: \n d. youre checking out quickly at the grocery store and prefer not to carry your physical debit card: \ni. prepaid card\nii. gift card\niii. peer - to - peer payment app\niv. mobile wallet

Answer

Brief Explanations:

  • a. Paying bills through a checking account is a common practice, so it's True.
  • b. Credit cards are separate from checking accounts, so using a credit card with a checking account in the way stated is False.
  • c. Overdraft fees are common when there are insufficient funds, so it's True.
  • d. Many checking accounts can be opened with little or no money, so needing $2,500 is False.
  • e. Checking account statements show both withdrawals and deposits, so it's False.
  • For balance - increasing actions: Depositing cash, mobile - depositing a check, and transferring money from another account add money.
  • For balance - decreasing actions: Making a purchase, paying a bill, and withdrawing cash take money out.
  • a. Peer - to - peer payment apps are good for splitting bills.
  • b. A gift card is ideal for giving a gift to use at a specific store.
  • c. A prepaid card is a good option for those without a bank account for everyday purchases.
  • d. A mobile wallet is convenient for quick check - outs without a physical card.

Answer:

a. TRUE b. FALSE c. TRUE d. FALSE e. FALSE 19. Deposit cash at a local bank branch: INCREASE Make a purchase with your debit card: DECREASE Mobile deposit a check: INCREASE Transfer money from another account: INCREASE Pay a bill through your online account: DECREASE Withdraw cash from an ATM: DECREASE 20. a. III. Peer - to - Peer Payment App b. II. Gift Card c. I. Prepaid Card d. IV. Mobile Wallet