checking account review

Choose which one is the correct form for writing an amount in words and numerically.

• $603.00; Six hundred and three dollars and 00/100

• $45.00; Forty and five dollars and 00/100

• $603.00; Six hundred and three dollars

When should you reconcile your checking account?

• After every transaction

• Once a year

• As soon as you receive your bank statement

• When you suspect fraud

Can a check be cashed before it is reconciled?

• Yes

• No

• Only in certain states

• Only with special permission from the bank

What is the usual reason for a stop-payment order on a check?

• The check amount is too high.

• The check has been lost or stolen.

• The recipient's account is closed.

• The check was written in error.

Which statement is true about recording debit card transactions in your checkbook register?

• It is not necessary to record them.

• They should be recorded just like checks.

• They are automatically recorded by the bank.

• Recording them is optional but recommended.

What happens when a check is returned due to insufficient funds in the payee's bank account?

• The check is canceled.

• The check is postdated.

• The check is bounced.

• The check is floated.

Who is typically referred to as the payee in a transaction?

• The person to whom a check is payable.

• The person who deposits the check.

• The bank officer handling the transaction.

• The person demanding payment.

Which part of a check is used to specify the purpose of the payment?

• The signature line

• The memo line

• The routing number

• The payee line

Where should Darren record a $45.60 check written to the phone company in his checkbook register?

• Fee column

• Balance column

• Payment/Debit column

• Deposit/Credit column

What is a written order to a bank to pay the stated amount to the person or business named on it called?

• Bill

• Check

• Receipt

• Voucher