Unit 1 Review

Unit 1 Test

• Explain what a checking account is used for and why it is important to have one

• Understand the variety of ways they can deposit and withdraw funds from their checking account

• Describe the consequences of not being in the banking system

• Understand various options for payment (cash, check, debit, person-to-person, prepaid card) and determine when to use each type

• Learn tips for using their checking account effectively, including the use of mobile alerts

• Read a checking account agreement and identify the fees associated with a checking account

• Understand how overdraft protection works and how to avoid high fees attached to the service

• Read a bank statement to verify its accuracy and interpret how their money is being used

• Conduct various banking activities, such as write a check, use an ATM, make a purchase with a debit card, make a deposit, and pay bills

• Learn how to complete a check register and why it’s important for understanding your cash flows

• Understand how to balance and reconcile their checkbook and how doing so helps protect their money

• Appreciate the range of online and mobile banking services available to help manage and fully utilize their checking account

• Explain what direct deposit is, how they sign up for it, and why it could be beneficial

• Learn how to use online bill pay

• Identify ways they can protect their checking account when using online and mobile banking

• Compare and contrast banks and credit unions

• Consider different features, fees, and requirements of checking accounts at various banks and choose the options that are best for them, personally

• Understand the specific “perks” and requirements of a student checking account

• Conduct online research to select a checking account

• Enumerate what paperwork is required to open a checking account