Bank Reconciliation

What is an instruction to the bank, sighed by the drawer, to pay a specific sum of money either to themselves or to another person or organisation?

• Deposit

• Debit order

• Cheque

• Stop order

What occurs when a customer has withdrawn more funds than were actually in the banking account resulting in the customer owing money to the bank?

• Credit balance

• Overdraft

• Levies

• Transactions

What interest is charged by the bank on the part of the funds that exceed the amount that the account holder has in the account?

• Interest on loan

• Interest on overdraft

• Interest on current account

• Interest on fixed deposit

Where can you find an external record of the summary of the transaction between yourself and your bank?

• Bank statement

• EFT

• Current account

• Cheque counterfoil

Who is the person making payment when a cheque is drawn up?

• Bearer

• Drawee

• Payee

• Drawer

What do we call a cheque that the bank refused to pay the payee because the drawer has insufficient funds in his current account?

• Stale cheque

• Dishonoured cheque

• Sad cheque

• Dubious cheque

What instrument allows the purchase of goods and services to be paid for later? This payment can be paid off monthly by paying a minimum amount and carrying the balance forward and paying interest on the outstanding balance.

• Debit card

• Stop order

• Debit order

• Credit card

What instrument allows for the payment of goods and services without a cheque and takes money from the account immediately?

• Credit card

• Cheque counterfoil

• Debit card

• Overdraft

What do we call the action of placing in a bank for safekeeping?

• Savings account

• Payee

• Drawing

• Deposit

What do we call it when money is paid straight into a person or organisations' banking account - either electronically or manually?

• Direct deposit

• Investment

• Cheque

• CRT