POB 4.02 Question Preview (ID: 9511)


POB 4.02. TEACHERS: click here for quick copy question ID numbers.

Which is the FIRST step in opening a checking account?
a) Completing a signature card
b) Completing a bank reconciliation
c) Ordering a set of checks
d) Receiving the first cancelled check

Maria prefers an endorsement that will make sure checks are used for deposits only to her business account. Which type of endorsement is preferred?
a) Blank endorsement
b) Full endorsement
c) Non-endorsement
d) Restrictive endorsement

James received a $100 check. He wants to endorse this check over to Steve. Which type of endorsement should James use?
a) Blank
b) Full
c) Non-endorsement
d) Restrictive

The Federal Reserve System approved the merger of Wachovia Bank and Wells Fargo Bank. This is an example of which service of the Federal Reserve System?
a) Acting as a clearinghouse
b) Approving bank mergers
c) Managing the discount rate
d) Participating in open market activities

The Federal Reserve System supplied the monetary system with $300 billion. This is an example of which service of the Federal Reserve System?
a) Acting as a clearinghouse
b) Approving bank mergers
c) Managing the discount rate
d) Participating in open market activities

The Federal Reserve System aids in transferring funds between banks in North Carolina and New Jersey. This is an example of which service of the Federal Reserve System?
a) Clearinghouse
b) Participation in open market operations
c) Supervision of banks
d) Managing the discount rate

Direct Finance's primary function is to use its own money instead of customers' savings for loans to other businesses. This is an example of which type of financial institution?
a) Depository
b) Check-cashing outlet
c) Non-depository
d) Pawnshop

Phil is writing a company check and just completed writing the amount of the check in words. What should Phil do NEXT?
a) Write the payee's name
b) Sign the check
c) Write in the numerical amount of the check
d) Write in the purpose of the check

Which is the FIRST step in the check writing process?
a) Writing the appropriate information in the check register
b) Writing the drawer's signature
c) Writing the payee's name
d) Writing the purpose of the check

Todd gave Intrek Computer Services a personal check for which his bank guaranteed payment. This is an example of which type of payment services?
a) Certified check Electronic
b) Electronic
c) Money order
d) Traveler's check

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