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Checking Accounts
Test Description: Checking Accounts
Instructions: Answer all questions to get your test result.
1) Is a written order directing a bank or other financial institution to pay money on demand to the person or company named on it.
A
Debit Card
B
Checking
C
Signature Card
D
Direct Deposit
2) Is a written order directing a bank or other financial institution to pay money On demand to the person or company named on it.
A
Signature Card
B
Direct Deposit
C
Checking
D
Debit Card
3) Is a record of an account holder’s signature used to verify identity.
A
Signature Card
B
Direct Deposit
C
Debit Card
D
Checking
4) Is a bank card that immediately takes money from a checking account when it is used. It is used like a credit card.
A
Signature Card
B
Debit Card
C
Direct Deposit
D
Checking
5) If you write a check for more than you have in the account, the bank will cover the check up to a certain amount.
A
Overdraft Protection
B
Signature Card
C
Interest-bearing Account
D
Direct Deposit
6) Is an order for a bank no to cash a particular check. It usually requires a fee.
A
Stop Payment
B
Debit Card
C
Overdrawn
D
Direct Deposit
7) Means that the account owner has written checks for more money than the balance in the account.
A
Stop Payment
B
Interest-bearing Account
C
Check
D
Overdrawn
8) Three checking account types are Regular Checking accounts, Interest-bearing Accounts, and ______________.
A
Direct Deposit
B
Overdraft Protection
C
Joint Accounts
D
Stop Payment
9) Is a checkbook log in which an account holder records checking account transactions.
A
Check Register
B
Endorsement
C
Bank Statement
D
Bank Reconciliation
10) Is a nine digit number used to identify a financial institution in a transaction.
A
Account Number
B
Routing Number
C
Bank Statement
D
Endorsement
11) Is a party to whom the check is written.
A
Drawee
B
Drawer
C
None of the above
D
Payee
12) Is the party who wrote the check.
A
Payee
B
Drawee
C
None of the above
D
Drawer
13) Is the financial institution where the drawer has an account.
A
Payee
B
Drawer
C
Drawee
D
None of the above
14) Is the signature of the payee on the back of the check.
A
Bank Statement
B
Account Number
C
Endorsement
D
Routing Number
15) Is the bank’s record of all the transactions in a checking account.
A
Bank Reconciliation
B
Endorsement
C
Bank Statement
D
Outstanding Checks
16) Is proof that the money has been paid to a payee.
A
Endorsement
B
Cancelled Checks
C
Bank Statement
D
Check Register
17) Is the process of seeing whether an account holder’s records agree with the bank’s records for the account.
A
Check Register
B
Bank Statement
C
Bank Reconciliation
D
Endorsement
18) Are checks that have been written but have not yet been cashed.
A
Check Register
B
Outstanding Checks
C
Endorsement
D
Bank Statement
19) A check must have the following: Date, Signature, Payee's name, Matching numbers and written amounts.
A
False
B
True
20) If your balance differs from the bank's balance, you must reconcile your account.
A
False
B
True
*select an answer for all questions
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