DECA Personal Financial Literacy Practice Exam 2025 – Complete Prep Guide

Question: 1 / 400

When a person cashes a $300 check and only receives $285, she most likely went to what type of location?

Regular bank

Check cashing store

The most likely location a person would go to when cashing a check and receiving less than its full value is a check cashing store. These establishments typically charge a fee to cash checks, which can result in receiving a lower amount than the check's face value. In this scenario, cashing a $300 check and only receiving $285 indicates that a service fee of $15 was deducted as part of the transaction.

This practice is common at check cashing stores, which cater to individuals who may not have bank accounts or prefer the convenience of immediate cash access. Unlike regular banks, credit unions, or currency exchanges, which often do not impose such steep fees for cashing checks, check cashing stores are designed specifically for such services and, therefore, account for the fee directly in the cash provided to the individual.

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Currency exchange

Credit union

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