What is a stop-payment order?

Banking Quiz

Quiz
•
Business
•
12th Grade
•
Medium
Shelly Culp
Used 3+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A request to cancel a check before it is cashed
A request to increase the credit limit
A request to open a new account
A request to change account details
Answer explanation
A stop-payment order is specifically a request to cancel a check before it is cashed, preventing the funds from being withdrawn. This is crucial for stopping unauthorized or lost checks.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a certified check?
A personal check verified by the bank
A check used for international payments
A check that cannot be cashed
A check that is postdated
Answer explanation
A certified check is a personal check that the bank verifies and guarantees, ensuring that the funds are available. This makes it a secure form of payment, unlike the other options listed.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of a bank statement?
To provide a summary of account transactions
To apply for a loan
To open a new account
To increase credit limit
Answer explanation
A bank statement provides a summary of account transactions, detailing deposits, withdrawals, and balances over a specific period. This helps account holders track their financial activity.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is a payee in banking terms?
The person to whom a check is written
The person writing the check
The bank issuing the check
The person endorsing the check
Answer explanation
In banking terms, a payee is the person to whom a check is written. This means they are the recipient of the funds, distinguishing them from the check writer, the bank, or the endorser.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a special payment service?
Cashier’s check
Certified check
Money order
Savings account
Answer explanation
A savings account is a type of deposit account used for saving money, not a special payment service. In contrast, cashier’s checks, certified checks, and money orders are all payment services.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a money order?
A check for any amount
A payment order for a specific amount payable to a specific payee
A type of loan
A form of electronic payment
Answer explanation
A money order is a payment order for a specific amount that is guaranteed and payable to a specific payee, making it a secure method of payment. This distinguishes it from checks, loans, and electronic payments.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must a customer do to open a checking account?
Verify identity, fill out forms, and sign a signature card
Only fill out forms
Just sign a signature card
Provide a deposit
Answer explanation
To open a checking account, a customer must verify their identity, fill out the necessary forms, and sign a signature card. This ensures compliance with banking regulations and protects both the bank and the customer.
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