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