A "credit" to your checking account will:

increase your overall balance/account value

If you have a check that bounces, this means that:

you did not have sufficient funds in your checking account.

The first step to reconciling your checkbook should be to:

highlight items in register that are listed on bank statemnt

What is a disadvantage of setting up automatic online bill payments?

You may overdraw on your account if you are not careful.

Which of the following would be the correct way to write out $253.60?

Two Hundred Fifty Three and 60/00

On a deposit slip, your net deposit should equal:

cash and checks deposited minus any cash received

What is a benefit that both credit cards and debit cards offer to consumers?

Protection against theft of cash.

The balance of your checkbook is constantly being updated/calculated by:

adding new deposits and subtracting new debits/deductions

Which of the following is a true statement regarding credit cards and debit cards?

A debit card deducts money from a checking account.

A check is said to be outstanding if:

it has not yet cleared through your bank

To "reconcile" your checking account means to:

balance your checkbook with monthly statements from a bank.

If you write a check that bounces,

both you and the recipient of the check may be charged a fee

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Checking Accounts Review

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Questions 20

Answers

1
A "credit" to your checking account will:
cause you to incur a fee with your bank
increase your overall balance/account value
have no effect on your overall balance/account value
decrease your overall balance/account value
2
You are supposed to sign a deposit slip only when you:
deposit cash
withdraw cash
void a check
deposit a check
3
Which of the following is NOT true about Mr. Wiess?
He won the national championship with his hockey team
He bungee-jumped from 17 stories up in the air
He used to own a motorcycle
He started to learn how to play the drums over a year ago
4
If you have a check that bounces, this means that:
you did not have sufficient funds in your checking account.
you forgot to endorse a check that someone wrote to you.
you wrote a check that was incorrectly worded to someone.
the laws of physics can be broken!
5
The first step to reconciling your checkbook should be to:
highlight items in register that are listed on bank statemnt
total all outstanding checks
total all outstanding deposits
make sure ending balance from register and statement match
6
What is a disadvantage of setting up automatic online bill payments?
Your bills will be paid in full, on time, each month.
You may overdraw on your account if you are not careful.
Automatic bill payments are typically very time consuming.
Automatic bill payments often charge hefty fees.
7
Which of the following would be the correct way to write out $253.60?
Two Hundred Fifty Three and 60/00
Two Fifty Three 60/00
Two Five Three and 60/00
Two Hundred Fifty Three Sixty
8
On a deposit slip, your net deposit should equal:
cash and checks deposited minus any cash received
cash received minus cash and checks deposited
checks deposited minus checks received
checks received minus checks deposited
9
What is a benefit that both credit cards and debit cards offer to consumers?
Protects 100% of funds against identity theft.
There are no similar benefits between credit and debit cards
Protection against theft of cash.
Provides overdraft protection on all purchases.
10
The balance of your checkbook is constantly being updated/calculated by:
subtracting new deposits and debits/deductions
adding new deposits and new debits/deductions
adding new deposits and subtracting new debits/deductions
subtracting new deposits and adding new debits/deductions
11
The type of endorsement where you write "For Deposit Only" above your name is called a(n):
blank endorsement
restrictive endorsement
endorsement in full
special endorsement
12
Which of the following is a true statement regarding credit cards and debit cards?
A debit card deducts money from a checking account.
When you use a debit card, you are borrowing money.
Debit cards charge users an annual rate of interest.
Credit cards do not charge users any fees.
13
When you first open a checking account, you will be required to complete a(n):
bank statement
signature card
deposit slip
endorsement in full
14
A check is said to be outstanding if:
it causes you to overdraw on your account
it has not yet cleared through your bank
you make a mistake and write "void" on the check
it receives straight A's in class
15
Overdraft protection is a benefit of some checking accounts because it helps to:
prevent checks from bouncing
eliminate all fees associated with bouncing a check
reconcile your checkbook easier than doing it on your own
correct any mistakes you may make when writing a check
16
To "reconcile" your checking account means to:
start a checkbook from scratch if you make a mistake.
close your checking account and open up a new one.
balance your checkbook with monthly statements from a bank.
delete all outstanding checks from your checkbook
17
The type of endorsement that can be cashed by someone else (if you lost your check) is called
a restrictive endorsement
a blank endorsement
an endorsement in full
a special endorsement
18
If you cannot accurately balance a checkbook, you may:
end up decreasing your credit score
all answers are correct
pay many fees from bounced checks
lose electricity in your house like Ray Romano
19
If you open up a checking account, what might you want to be aware of?
Neither answer is correct.
Both answers are correct.
Minimum balance that must be kept in checking account.
If your checking account offers overdraft protection.
20
If you write a check that bounces,
both you and the recipient of the check may be charged a fee
only the recipient of the check will be charged a fee.
only you will get charged a fee.
the laws of physics can be broken!

Checking Accounts Review Flashcards | StudBud