Midterm Overview Fall 2024

Front

What is the definition of a check?

Back

A paper document directing a bank to deduct money from your checking account and make a payment to the person named on the check.

Front

Which of the following does NOT have to appear on a check?

Back

Social Security Number.

Front

If Beanie charges $99 per room and cleans 3 rooms in one home, 5 in another, and 4 in a third home, how much will he make?

Back

$1188.

Front

Pedro clocked in at 7:45 am, worked until 12 pm, took lunch and worked again from 1 pm to 4:30 pm. How many hours did he work?

Back

8 hrs 45 mins.

Front

What is Cognitive Bias?

Back

An error in the way we think that can influence our decisions.

Front

What is a deposit account?

Back

An account held at a bank that gives you convenient access to your money.

Front

What is the purpose of a checking account?

Back

To provide a safe place to store money and facilitate easy access for transactions.

Front

What is the significance of the date on a check?

Back

It indicates when the check was written and can affect its validity.

Front

What does the dollar amount on a check represent?

Back

The total amount of money to be paid to the payee.

Front

What is the role of the payee on a check?

Back

The person or entity to whom the payment is made.