Banking Basics: Accounts and Reconciliation

William is reviewing his monthly bank statement to ensure everything is in order. What is the primary purpose of this reconciliation process?

• To calculate interest earned

• To ensure the bank's records match your own

• To apply for a loan

• To open a new account

Emma recently received her monthly bank statement. Which of the following is typically NOT found on a bank statement?

• Account balance

• List of transactions

• Credit score

• Account number

• $350

• $500

• $650

• $150

Emma is trying to reconcile her bank statement. What is the formula to calculate the adjusted bank balance?

• Bank balance + Outstanding deposits - Outstanding checks

• Bank balance - Outstanding deposits + Outstanding checks

• Bank balance + Outstanding checks - Outstanding deposits

• Bank balance - Outstanding checks + Outstanding deposits

Priya wrote a check to pay for her rent, but when she checked her bank statement, the check was not listed. Which of the following is a reason why the check might not appear on her bank statement?

• The check was cashed

• The check was deposited

• The check is outstanding

• The check was voided

Ava noticed a discrepancy between her personal financial records and the bank statement. What should she do?

• Ignore it

• Contact the bank immediately

• Wait until the next statement

• Adjust her records to match the bank's

Evelyn receives her paycheck and wants to ensure it is deposited into her bank account without visiting the bank. Which of the following is an example of an electronic funds transfer (EFT) that she can use?

• Writing a check

• Withdrawing cash from an ATM

• Direct deposit of a paycheck

• Depositing a check at a bank branch

• $195

• $200

• $205

• $5

Daniel wrote a check to pay for his groceries, but when the store tried to process it, they found that Daniel's account had insufficient funds. What is the term for this type of check?

• Cleared check

• Bounced check

• Canceled check

• Post-dated check

Grace is considering opening a savings account. Which of the following is a benefit she might enjoy?

• Higher interest rates compared to checking accounts

• Unlimited transactions

• No need to reconcile statements

• No fees ever