Cash Controls Quiz

What is a financial institution that is licensed to collect and store deposits and lend money to other individuals and/or organizations?

• Bank

• Check

• Deposit Slip

• EFT

A collection of rules and procedures set by a company to minimize errors, mitigate fraudulent behavior, and safeguard assets.

• Endorsement

• Blank Endorsement

• Internal Controls

• Cash Controls

What is a form of payment that is dated and signed by the payor, directing the payor's bank to pay a specific amount of money to the person the check is written to?

• Debit Card

• Deposit

• Check

• EFT

What type of account allows for easy and frequent cash deposits and withdrawals?

• Checking Account

• Savings Account

• Deposit Slip

• Bank Reconciliation

What is a plastic card that is an electronic method of payment where the funds are deducted directly from the card owner's bank account?

• Credit Card

• Debit Card

• EFT

• Check

What is money securely stored at a bank, usually for on-demand withdrawals, and to earn interest?

• Deposit

• Endorsement

• Internal Controls

• Cash Controls

What is a form that outlines the sources and amounts of money being deposited into a bank account?

• Check

• Deposit Slip

• EFT

• Bank Reconciliation

What is an electronic transfer of money called?

• Check

• EFT

• Endorsement

• Internal Controls

What is a signature authorizing the legal transfer of funds between parties?

• Blank Endorsement

• Endorsement

• Cash Controls

• Bank Reconciliation

What is the process of accounting for and explaining any differences between the cash balance on an organization’s bank statement and the cash balance on its balance sheet?

• Internal Controls

• Cash Controls

• Bank Reconciliation

• Deposit Slip