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Chapter 14 Banking

Quiz by Paula Fontaine

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10 questions
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  • Q1
    Which of the following is true about a checking account?
    The written amount and the amount in words do not have to match.
    An ATM card and a check are the same thing.
    Your signature gives the bank the authority to withdraw the amount from your account.
    The payee is the person who signs the check.
    30s
  • Q2
    Which of the following transactions do you record in your check register?
    deposits
    debit card transactions
    Automatic payments
    All of the above
    30s
  • Q3
    An outstanding check means
    a check has been cashed by the bank
    it is a great check
    is a check that has been written, but it hasn't been cashed-deposited by the bank, or otherwise cleared the bank.
    the check hasn't been written
    30s
  • Q4
    The first set of numbers on the bottom of a check represents
    the number of the check
    your account number
    the amount of the check
    the banks routing number
    30s
  • Q5
    You have searched everywhere for your ATM card. You think it may have been stolen. Of the following actions, what is the best thing to do now?
    Nothing
    Notify the bank that issued your card
    Close your account
    Call your parents
    30s
  • Q6
    You can do all of the following with online banking EXCEPT which of the following banking actions?
    Get cash from your account
    pay bills
    deposit your paycheck
    transfer money to another account
    30s
  • Q7
    What is an advantage of electronic funds transfer (EFT)
    This is the best way to always keep your personal and financial information secure
    Your bank will not charge fees
    EFTs are faster and they reach the provider's account sooner
    The number of withdrawals from an EFT acount is limited so you are not tempted to impulsively use the money
    30s
  • Q8
    A deposit that is not reported on your bank statement is considered
    not processed
    outstanding
    cleared
    missing
    30s
  • Q9
    How often should you reconcile your bank account?
    every other month
    once a year
    twice a year
    every month
    30s
  • Q10
    Which of the following is considered a blank endorsement?
    Cash
    For deposit only Paula Fontaine
    Pay to the order of Paula Fontaine
    Paula Fontaine
    30s

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