CP Financial Planning: Banking Review: Question Preview (ID: 20881)

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A sustained increase in the average level of prices.
a) Endorsement
b) Inflation
c) Currency
d) Overdrawing

Trading goods and services without using money is called...
a) Bartering
b) Exchanging
c) Third Party Check
d) Endorsing

A booklet for recording your transactions.
a) Checking Account
b) Bank Statement
c) Checkbook Resgister
d) Reconciliation Sheet

Writing a check for more money than you have in your account.
a) Third Party Check
b) Direct Deposit
c) Overdrawing
d) Blank Check

A check that has been paid.
a) Restricted
b) Stopped
c) Endorsed
d) Canceled

A check that draws on the money of the bank or other financial business that issued it.
a) Certified Check
b) Money Order
c) Traveler's Check
d) Cashier's Check

Electronic communication that moves money from an account in one bank to an account in a different bank.
a) Wire Transfer
b) Automatic
c) Move
d) Endorsement

Boxes with individual locks that you can rent from a bank.
a) Lockers
b) Vault boxes
c) Post office box
d) Safe Deposit Boxes

A federal government agency that insures deposits in banks.

Paper money and coins used for financial transactions.
a) Currency
b) Checks
c) Credit Cards
d) Bit Coin

If the starting balance in my checking account is $250.00 and I write check 101 for $12.75, check 102 for $68.00 and make a deposit of $123.00 what is my ending account balance?
a) $46.25
b) $292.25
c) $453.75
d) $207.75

Why is it a bad idea to accept a personal check from someone you do not know?
a) Checks are always secure. There is not problem accepting checks from anyone.
b) The check might be fake
c) The check might bounce
d) Both answers 2 and 3

As of 2008 FDIC will insure depositors money up to what dollar amount?
a) $150,000
b) $200,000
c) $250,000
d) $300,000

On a deposit slip, what does less cash received mean?
a) The amount of cash you would like the teller to hand to you before you leave the bank.
b) The extra amount of cash you would like to have deposited into your bank account.
c) The amount of cash you would like to put towards bank fees.
d) The amount of cash you would like to put into your savings account.

What does it mean to have an interest bearing checking account?
a) The bank will watch your checking account more closely
b) A bank will charge you additional fees.
c) The bank will deposit money into your checking account.
d) A bank will wave a minimum balance requirement.

If I wrote a check for $75 for my school activity fee and the school has not deposited the check, how will this affect my bank statement balance?
a) My bank statement will show that I have $75 more than my personal records.
b) My bank statement will show that I have $75 less than my personal records.
c) It will not have affect on my bank statement.
d) My bank statement will show an extra fee.

What would one typically keep in a safe deposit box?
a) School pictures
b) Store coupons
c) School supplies
d) Birth Certificate, deeds to property, copy of personal will

Identify three benefits for having a bank account.
a) It is better to keep you money under your mattress.
b) Banks are not safe.
c) Insurance on money, interest on accounts, direct deposit
d) Lollipops and dog biscuits

Why would your bank statement show a different ending account balance than your personal check register?
a) A check you wrote has not been cashed.
b) You forgot to record bank fees.
c) You made a math mistake in your records.
d) All of the above.

Describe a situation when you may need to have access to a canceled check.
a) There is no way to access a canceled check.
b) There is a dispute over whether or not you paid your phone bill.
c) You like looking at old checks.
d) Just because.

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