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Understanding Overdrafts And How To Avoid Them Quiz

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Question 1 of 5

1. Question
What is an overdraft?
- When you spend more money than you have in your checking account
- When you save more money than you have in your savings account
- When you invest more money than you have in your investment account
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Question 2 of 5

2. Question
What is the easiest approach to preventing overdrafts?
- Keeping a budget, tracking your spending, and not spending more than you have available
- Ignoring your account balance and transactions
- Forgetting about your bill due dates
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Question 3 of 5

3. Question
How can personal financial management applications help you avoid overdrafts?
- They can increase your chances of overdrafts
- They can withdraw money from your account without your permission
- They can identify useful insights to help you manage your spending
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Question 4 of 5

4. Question
What is the importance of knowing your bill due dates?
- To increase your chances of overdrafts
- To avoid overdrafts by timing bill payments after paydays or when you expect to see money in your checking account
- To have more spending flexibility
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Question 5 of 5

5. Question
What is the benefit of leaving a small cash cushion in your checking account?
- To increase your chances of overdrafts
- To avoid overdrafts, even if you set up automatic bill payments before your next paycheck
- To make more money from interest
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Posted

08/21/2023

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by

Damien O’Neill

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