Checking and Account Reconciliation Assessment Review

How do checks work?

• The payee sends the check to their bank, which sends it to your bank for withdrawal and transfer.

• The payee keeps the check as a receipt of payment.

• The payee's bank sends the check to the government for processing.

• The payee's bank destroys the check after receiving it.

Can you get cash back from your check immediately - when you cash it?

• Yes, always

• No, never

• It depends on the bank and account balance

• Only if you have a premium account

What appears as a debit?

• Checks and anything you use your debit card for.

• Only checks

• Only debit card transactions

• Neither checks nor debit card transactions

What appears as a credit?

• Deposits appear as a credit.

• Withdrawals appear as a credit.

• Loans appear as a credit.

• Payments appear as a credit.

Pay to the order of.

• Payee

• Payer

• Bank

• Account Holder

What do you do if checks are lost or stolen?

• Call the bank and close the account.

• Ignore the situation.

• Wait for the checks to be found.

• Notify the police.

What is a service charge and how does it appear on a statement?

• A service charge appears as a credit and should be added to your balance.

• A service charge appears as a debit and should be subtracted from your balance.

• A service charge appears as a debit and should be added to your balance.

• A service charge appears as a credit and should be subtracted from your balance.

Endorse? Sign the back of the check. What are the different types?

• General (just name)

• Restrictive (for deposit only)

• Special (signing check over to someone else)

• All of the above

Certified Check .

• A certified check is a personal check guaranteed by the bank.

• A certified check is a type of loan.

• A certified check is a form of credit card.

• A certified check is a type of investment.

To Bounce a check means to -

• Have enough money in the account

• Not have enough money in the account

• Write a check for someone else

• Deposit a check