3-5 Bank Statements Quiz Business U

What is the process called when an individual or organization compares their bank account records with their own records of transactions?

• Bank Statement

• Bank Reconciliation

• Canceled Check

• Non-Sufficient Funds

What is a monthly report prepared by a bank for the account holder outlining all account transactions in a given month?

• Canceled Check

• Non-Sufficient Funds

• Bank Statement

• Clear

What is a check called that has been processed and cleared by the issuing bank so that it cannot be used again?

• Bank Reconciliation

• Canceled Check

• Non-Sufficient Funds

• Bank Statement

In the context of a check, what does the term "clear" mean?

• The check is invalid

• The check is lost

• The check is valid and funds are transferred

• The check is canceled

What status is given to an account that does not have enough funds to cover its expenditures?

• Bank Reconciliation

• Canceled Check

• Non-Sufficient Funds

• Clear

Which term refers to ensuring that bank records and personal records match and are accurate?

• Clear

• Bank Reconciliation

• Non-Sufficient Funds

• Canceled Check

​ (a)   is the cash balance at the beginning of the month.

1. ​ (b)   is an itemized list of all cash inflows during the month.

2. ​ (c)   is an itemized list of all cash withdrawals during the month.

3. ​ (d)   is the cash balance at the end of the month.

• Starting balance
• Deposits
• Withdrawals
• Ending balance

When a check is deposited into a bank, the account owner immediately records this deposit. However, it usually takes 1-3 business days for a check to clear the bank, and sometimes longer, so it may not show up as being cleared until a few days into the next statement period. These are called?

• Deposits in Transit

• Outstanding Checks

• Interest Income & Bank Fees

• Non-Sufficient Funds (NSF)

1. Which section of a bank state shows a summary of all deposits and withdrawals during the period?

• Statement Period

• Account Information

• 1. Transaction Summary

• Period Summary

What does a bank statement typically include?

• Only deposits

• Only withdrawals

• All account transactions in a given month

• Only canceled checks