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Chapter 29 Review-Application
Test Description: Ch 29 Review Quesitons
Instructions: Answer all questions to get your test result.
1) True or False: Most banks offer several types of checking accounts.
A
True
B
False
2) A regular checking account is designed for customers who keep a regular amount of money in it from month to month.
A
False
B
True
3) How many people, or parties, are usually named on a check.
A
One
B
Two
C
Three
D
Four
4) True or False: It is necessary to sign your name exactly as it is written on the front of the check.
A
False
B
True
5) True or False: If a check is made out to cash, it cannot be cashed because there is no one who can endorse it.
A
False
B
True
6) A payee is
A
the person who has a checking account and wrote the check
B
the business or person to whom the check is written
C
the bank where the check is deposited
D
the bank where the check is deposited
7) A regular checking account is
A
one in which an average daily balance as required by the bank
B
designed for customers who write a few checks each month.
C
one in which checks are written at regular intervals.
D
one in which a customer must keep a minimum balance.
8) A record of an account holder's signature used to verify the identity is called a(n)
A
identity card
B
identity record
C
signature record
D
signature card
9) Online banking allows customers to
A
pay bills
B
transfer money
C
all of the above
D
check their balances
10) The main advantage of checking accounts is that
A
they yield a higher interest rate than savings accounts
B
they enable consumers to keep records of their financial transactions
C
consumers can check their balances at any time
D
consumers can make deposits at any time
11) The person who wrote the check and is paying the money is the
A
Drawer
B
Drawee
C
Endorser
D
Payee
12) A check presented for payment must include the drawer's
A
home phone number
B
license number
C
social security number
D
signature
13) Which statement is true
A
If your checkbook is stolen, someone may use it to steal money from your account.
B
You must write your social security number on your check.
C
Lost deposit slips allow someone else to put money into your account.
D
Your bank statements are generated by your transactions, so there is no need to review them.
14) What is the first thing you should do when reconciling a checking account?
A
Don't make any withdrawals until the balance in your check register coincides with the bank statement.
B
Determine whether the bank has processed all outstanding checks and deposits.
C
Wait for all checks to clear.
D
Stop payment on any outstanding checks.
15) If CASH is written on the payee line, then
A
only the account holder can cash it
B
anyone who has the check can cash it
C
the check is not negotiable
D
the amount of the check can be changed
16) When reconciling your checking account,
A
add any outstanding checks to your statement balance.
B
subtract any outstanding deposits from your statement balance.
C
add service fees from the balance in your check register.
D
subtract any outstanding checks from your statement balance.
*select an answer for all questions
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