Chapter 5 - Checking Account Quiz

A canceled check is one that has been processed by the bank.

• True

• False

Paying bills online is generally considered slower and riskier than writing checks.

• True

• False

The column headed by a check mark in a checkbook register is provided so you can make a note of your checks that have bounced.

• True

• False

You should reconcile your checking account as soon as you receive your bank statement.

• True

• False

A check cannot be cashed until it has been reconciled.

• True

• False

A joint checking account can be opened by two or more people.

• True

• False

A money order can never bounce.

• True

• False

Debit card transactions do not need to be recorded in your checkbook register.

• True

• False

For safety, do not carry your PIN in written form; instead, commit it to memory.

• True

• False

The usual reason for a stop-payment order is that the check has been lost or stolen.

• True

• False