3-3 Check Basics Quiz Business U

What is a Bank Account Number?

• A form of endorsement for a third party

• A unique series of numbers assigned to a specific bank account

• A nine-digit code used to identify a financial institution

• A check signed by the payee with specific instructions

What does a Blank Endorsement involve?

• A check with the payee’s signature and no further instructions

• A form of endorsement for a third party

• A check signed by the payee with specific instructions

• A unique series of numbers assigned to a bank account

What is a Deposit Slip used for?

• To identify a financial institution

• To outline the sources and amounts of money being deposited

• To authorize the legal transfer of funds

• To assign a check to a third party

What is an Endorsement?

• A signature authorizing the legal transfer of funds

• A form of endorsement for a third party

• A check with the payee’s signature and no further instructions

• A nine-digit code used to identify a financial institution

What is an Endorsement in Full?

• A check signed by the payee with specific instructions

• A form of endorsement where a payee assigns a check to a third party

• A unique series of numbers assigned to a bank account

• A signature authorizing the legal transfer of funds

Who is a Payee?

• The party who makes a payment

• The recipient of a payment

• A form of endorsement for a third party

• A check with the payee’s signature and no further instructions

Who is a Payer?

• The recipient of a payment

• The party who makes a payment

• A form of endorsement for a third party

• A check signed by the payee with specific instructions

What is a Restrictive Endorsement?

• A check signed by the payee with specific instructions

• A form of endorsement for a third party

• A unique series of numbers assigned to a bank account

• A signature authorizing the legal transfer of funds

What is a Routing Number?

• A unique series of numbers assigned to a bank account

• A nine-digit code used to identify a financial institution

• A form of endorsement for a third party

• A check with the payee’s signature and no further instructions

What is another name for an Endorsement in Full?

• Special endorsement

• Blank endorsement

• Restrictive endorsement

• Deposit slip