Modules 111-113 Review Part 2 Question Preview (ID: 33864)


Modules 111-113 Review Part 2. TEACHERS: click here for quick copy question ID numbers.

You can record your financial transactions at home in a
a) bank statement
b) check register
c) tickler file
d) debit ac

You should ____________ your bank statement each month to match the bank's information to your personal financial records.
a) ignore
b) debit
c) close
d) reconcile

Transactions like deposits and interest earned are recorded as
a) credits
b) debits
c) fees
d) registers

Deposits or withdrawals that have not yet been posted by the bank are called
a) unrecorded
b) in transit
c) reversed
d) proactive

The part of the bank statement that shows all of your day-to-day transactions in chronological order is the
a) account number
b) deposits and credits
c) checks and debits
d) daily balance summary

Step one in reconciling a bank statement that doesn't match your personal records is to
a) subtract the unrecorded debits
b) add the unrecorded credits
c) identify the transactions transit
d) subtract the balance

Step two in reconciling a bank statement that doesn't match your personal records is to
a) add the credits in transit to the ending balance on the statement
b) add the debits in transit to the ending balance on the statement
c) add the bank balance to the check register balance
d) subtract the bank balance from the check register balance

Step three in reconciling a bank statement that doesn't match your personal records is to
a) subtract the credits in transit to the ending balance on the statement
b) subtract the debits in transit to the ending balance on the statement
c) add the bank balance to the check register balance
d) subtract the bank balance from the check register balance

Transactions like ATM withdrawals and checks written are recorded in your check register as
a) credits
b) debits
c) fees
d) registers

In ___________________, it is illegal for banking institutions to share any financial information with anyone except for the account holder.
a) the United States
b) China
c) Great Britain
d) Switzerland

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