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Checking
Test Description: Topics Include: endorsing checks, basic reconciliation information, and register information
Instructions: Answer all questions to get your test result.
1) Which is the FIRST step in opening a checking account?
A
Completing a bank reconciliation
B
Receiving the first cancelled check
C
Complete an application
D
Ordering a set of checks
2) 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
Full endorsement
B
Restrictive endorsement
C
Blank endorsement
D
Non-endorsement
3) James received a $100 check. He wants to endorse this check over to Steve. Which type of endorsement should James use?
A
Restrictive
B
Non-endorsement
C
Blank
D
Full
4) Phil is writing a personal check and just completed writing the amount of the check in words. What should Phil do NEXT?
A
Write in the purpose of the check
B
Write the payee's name
C
Sign the check
D
Write in the numerical amount of the check
5) Which is the FIRST step in the check writing process?
A
Writing the appropriate information in the check register
B
Writing the purpose of the check
C
Writing the payee's name
D
Writing the drawer's signature
6) It is important to keep a check register for the following reasons EXCEPT
A
Keep a record of your checks
B
Know what you current balance
C
To stay organized
D
Don't have to reconcile your account
7) It is important to reconcile your account for the following reasons EXCEPT
A
To make sure a check has cleared
B
To fill in any missing transaction in you register
C
To keep track of your spending
D
To make sure your that the ending bank balance is the same as your register balance
8) Anyone may cash a check that has which endorsement?
A
Restrictive
B
Special
C
Full
D
Blank
9) The amount of a check recorded in the register should be:
A
Added to the previous balance.
B
Divided by the previous balance
C
Multiplied by the previous balance.
D
Subtracted from the previous balance
10) Stephanie has endorsed a check by writing PAY TO THE ORDER OF and then another persons name below it. This is a
A
full endorsement
B
restrictive endorsement
C
blank endorsement
D
special endorsement
*select an answer for all questions
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