Using a Debit Card Answers

Which of the following most accurately describes when a debit card transaction takes effect?a.The transaction is completed almost immediately after making the purchase.b.The transaction takes two to three business days to clear.c.All debit card transactions are processed simultaneously at the end of the day.d.Debit card transactions are completed when you pay your monthly debit card bill.

Irving spent the day shopping and made the following purchases:ItemCost ($)Novel8.75Shirt21.66Lunch9.13Potted plant16.89When Irving was done, he checked his account balance and found he had a total of $95.06. How much money was in Irving’s account to begin with?a.$56.43b.$151.49c.$38.63d.$142.36

I.

Theresa has $708 in her account and wishes to throw a party. She plans to include the following:PurchaseCost ($)Decorations76.92Catering150.66Musicians242.15Refreshments123.36Venue260.47When Theresa makes the calculations, she finds that she cannot afford everything that she would like to have. What is the cheapest aspect of the party that she can eliminate to keep from overdrawing her account?a.Venueb.Musiciansc.Cateringd.Refreshments

A point of sale transaction occurs when a debit card is used to purchase items at a grocery store. Please select the best answer from the choices provided.

Ronald is trying to reconstruct his spending pattern from May. He knows that he had $315 in his account on May 1, but after that, his receipts and balance statements are all scrambled. Here are Ronald’s records:DateTransaction TypeAmount ($)5/25Purchase665/18Purchase905/30Purchase1885/24Deposit1515/22Purchase1525/8Deposit1045/3Purchase1755/6Purchase82Assuming that this is a complete, if scrambled, record of Ronald’s May spending and that any overdraft fees incurred do not affect the running total, how many times did Ronald overdraw his account in May?a.Ronald never overdrew his account.b.Ronald only overdrew his account once.c.Ronald overdrew his account twice.d.Ronald overdrew his account more than twice.

Sue’s bank account has a balance of $899.83 before she starts spending money. She makes the following transactions:TransactionCost ($)Rent353.76Video game32.79Bike maintenance60.26Jacket55.62Rug80.40Night out35.77Sue is considering splitting the cost of a new TV with her roommate. Her share would be $305.22. Can Sue afford this?a.Yes, she can make the purchase and have money left over.b.Yes, but doing so will clear out her account.c.No, making that purchase will overdraw her account.d.No, she is overdrawn already.

Which statement or statements accurately describe a good way to avoid excessive service fees?I. Try to deposit money in large batches rather than in small amounts.II. Try to limit the number of withdrawals you make from out-of-network ATMs.III. Try to avoid using your debit card online.a.I and IIb.II onlyc.III onlyd.I and III

Which statement or statements accurately describe a good way to avoid excessive service fees?I. Try to deposit money in large batches rather than in small amounts.II. Try to limit the number of withdrawals you make from out-of-network ATMs.III. Try to avoid using your debit card online.a.I and IIb.II onlyc.III onlyd.I and III

If your bank charges an out-of-network service fee of $3.00, and you withdraw $20 from each of three out-of-network ATMs, how much money in total will be removed from your account?a.$60b.$63c.$69d.$120