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Modules 111-113 Review Part 2
Test Description: Modules 111-113 Review Part 2
Instructions: Answer all questions to get your test result.
1) You can record your financial transactions at home in a
A
tickler file
B
bank statement
C
debit ac
D
check register
2) You should ____________ your bank statement each month to match the bank's information to your personal financial records.
A
reconcile
B
debit
C
close
D
ignore
3) Transactions like deposits and interest earned are recorded as
A
debits
B
credits
C
registers
D
fees
4) Deposits or withdrawals that have not yet been posted by the bank are called
A
reversed
B
proactive
C
unrecorded
D
in transit
5) The part of the bank statement that shows all of your day-to-day transactions in chronological order is the
A
daily balance summary
B
deposits and credits
C
account number
D
checks and debits
6) Step one in reconciling a bank statement that doesn't match your personal records is to
A
add the unrecorded credits
B
subtract the unrecorded debits
C
identify the transactions transit
D
subtract the balance
7) Step two in reconciling a bank statement that doesn't match your personal records is to
A
add the debits in transit to the ending balance on the statement
B
add the bank balance to the check register balance
C
add the credits in transit to the ending balance on the statement
D
subtract the bank balance from the check register balance
8) Step three in reconciling a bank statement that doesn't match your personal records is to
A
add the bank balance to the check register balance
B
subtract the credits in transit to the ending balance on the statement
C
subtract the bank balance from the check register balance
D
subtract the debits in transit to the ending balance on the statement
9) Transactions like ATM withdrawals and checks written are recorded in your check register as
A
fees
B
credits
C
registers
D
debits
10) In ___________________, it is illegal for banking institutions to share any financial information with anyone except for the account holder.
A
China
B
Great Britain
C
the United States
D
Switzerland
*select an answer for all questions
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