Assignment 3: Banking
Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson.
Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.
Review Lesson 4 of the Course Overview for instructions about turning in your assignments.
1. Visit the website of a large national bank, regional bank, or credit union, and use the information you find there to answer the questions below. EXAMPLE: Some large banks you might consider ...view middle of the document...
(3-6 sentences. 2.0 points)
2. Visit the website of a second large national bank, regional bank, or credit union, and use the information you find there to answer the questions below.
a. What is the name of the bank or credit union? (0.5 points)
b. List three differences you found between the accounts and features this bank or credit union offers and the bank from question 1 above. (1-3 sentences. 1.0 points)
c. Which of the two banks or credit unions that you researched would you be most likely to choose to open an account with? Why? (2-4 sentences. 2.5 points)
3. What type of bank risk would worry you the most as an account holder? How should the bank protect itself against that risk? (2-4 sentences. 1.0 points)
4. If you had a bank account, which two methods of completing transactions do you think you would use most frequently? Why? (2-4 sentences. 1.0 points)
5. In your Section_3 folder, navigate to and open the Example_Check_Register and Example_Bank_Statement, and then answer the questions below.
a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)
b. There are two differences between the bank statement and the check register. Describe each of them. (2-4 sentences. 1.0 points) TIP: These are transactions that Jessie Robinson forgot to write down in the check register.
c. Do you think it is best to keep track of finances using a check register, a bank statement, or both? Why? (2-4 sentences. 1.0 points)
d. List at least two non-discretionary expenses listed on the bank statement or check register. (1-2 sentences. 1.0 points)
e. List at least one discretionary expense listed on the bank statement or check register. (1-2 sentences. 0.5 points)
f. Describe at least one challenge of keeping a check register. (1-2 sentences. 1.0 points)