Unit 1: Checking Account Review

Front

What is a rule for writing a check?

Back

Write the check in pen.

Front

Which number in a check represents the account number?

Back

10.

Front

What is the term for taking money OUT of your account?

Back

WITHDRAWAL.

Front

What fee is incurred when a check exceeds the account balance?

Back

Overdraft fees.

Front

What is a withdrawal?

Back

Taking money out of a checking or savings account.

Front

What is a deposit?

Back

Putting money into a checking or savings account.

Front

What is the purpose of a memo on a check?

Back

To indicate the reason for the payment.

Front

What is an overdraft?

Back

A situation where withdrawals from an account exceed the available balance.

Front

What is a check?

Back

A written order directing a bank to pay a specific amount from a person's account.

Front

What information is typically found on a check?

Back

Date, payee, amount, signature, and account number.