Ramsey - Chapter 8 - Lesson 4 (Quiz).

What is a Checking Account Register also called?

• Ledger

• Journal

• Statement

• Receipt

What is the purpose of a Direct Deposit?

• To allow automatic electronic deposit of payroll checks

• To manually deposit checks at the bank

• To write checks for bills

• To withdraw cash from an ATM

What does reconciling your account involve?

• Making sure you and the bank agree on the account balance

• Writing checks for all transactions

• Depositing cash regularly

• Withdrawing money frequently

What is the transaction time for a debit card when you use your PIN?

• Immediate

• 2-3 days

• Not shown on immediate balance

• Several business days

How long does it take for a debit card transaction to process when used as credit?

• Immediate

• 2-3 days

• Not shown on immediate balance

• Several business days

What is the transaction time for tips?

• Immediate

• 2-3 days

• Not shown on immediate balance

• Several business days

What is the possible transaction time for checks?

• Immediate or several business days

• 2-3 days

• Not shown on immediate balance

• Immediate only

How long can it take for deposits to show up in your account?

• 1 day

• 2 days

• 3 business days

• 1 week

What should you do if your records do not match your bank statement?

• Ignore the discrepancy

• Reconcile your account

• Close your account

• Withdraw all funds

What should you do if you find mistakes made by the bank?

• Report them to your bank

• Ignore them

• Withdraw all money

• Close your account