Checking Account and Debit Card

Multiple Choice

What are some common ways to access funds in a checking account?

• Check, Debit card, ATM, Digital Payments

• Credit card, Loan, Mortgage, Investment

• Cash, Gold, Real Estate, Bonds

• Cryptocurrency, Stocks, Mutual Funds, ETFs

Multiple Choice

Why do people prefer using checking accounts over carrying cash?

• To earn interest on their deposits

• To reduce the need to carry large amounts of cash

• To avoid paying taxes

• To invest in the stock market

Multiple Choice

What is the purpose of a checking account register?

• To store money

• To record all monetary transactions

• To withdraw cash

• To deposit checks

Multiple Choice

What information is typically pre-printed on a check?

• Account holder's name and address

• Bank's interest rates

• Loan details

• Credit score

Multiple Choice

What happens when a check bounces?

• The check is processed normally

• The account holder receives a bonus

• A fee is charged to the account holder

• The check is returned with no consequences

Multiple Choice

What are the three types of endorsements mentioned?

• Blank, Restrictive, Special

• Open, Closed, Limited

• General, Specific, Conditional

• Full, Partial, None

Multiple Choice

What is a special endorsement on a check?

• A signature only

• Pay to the order of a specific person

• For deposit only

• Pay to the order of cash

Complete the endorsements on your worksheet

Complete the deposit slip on your worksheet

Open Ended

Explain the purpose of a deposit slip and how it is used.

Multiple Choice

What does the 'Cash' section on a deposit slip represent?

• The total amount of checks being deposited

• The total amount of cash being deposited

• The total amount of cash and checks being deposited

• The total amount of cash withdrawn

Multiple Choice

What is the purpose of listing each check individually on a deposit slip?

• To ensure accurate record-keeping

• To confuse the bank teller

• To increase the deposit amount

• To make the slip look filled

Multiple Choice

How do you calculate the 'Total from Other Side' on a deposit slip?

• Add all checks listed on the back

• Subtract checks from the front

• Multiply checks by two

• Divide checks by the number of entries

Multiple Choice

The 'Less Cash Received' section on a deposit slip indicates the amount of cash back being received. True or False?

• True

• False

Multiple Choice

What is the significance of the 'Subtotal' on a deposit slip?

• It shows the total amount of cash and checks

• It indicates the number of checks

• It is the amount after cash received is deducted

• It is the final deposit amount

Open Ended

Explain how to calculate the 'Net Deposit' on a deposit slip.

Complete the deposit slip on your worksheet

Multiple Select

Which of the following are required steps when writing a check?

• Sign the check

• Include a memo

• Post-date the check

• Write the amount in words

Multiple Choice

What should not be included on a check for safety reasons?

• Phone number

• Social security number

• Address

• Date

Complete the checks on your worksheet

Use the statement to check off the check register

Reconcile the account on the worksheet

Multiple Choice

Why do people prefer using checking accounts over carrying cash?

• Checking accounts offer higher interest rates.

• They reduce the need to carry large amounts of cash and provide convenience.

• They are mandatory for all bank customers.

• They are safer than online transactions.

Multiple Choice

What are some common ways to access funds in a checking account?

• Check, Debit card, ATM, Digital & Electronic Payments

• Credit card, Cash, Bank transfer

• Loan, Mortgage, Investment

• Savings account, Fixed deposit, Mutual funds