Banking and Checking Accounts Quiz

Who cashes your check in the banking process?

• The payee

• The bank

• The account holder

• The government

What is a canceled check?

• A check that has been voided

• A check that has been processed and cleared

• A check that has been lost

• A check that has been stolen

What is the purpose of a substitute check?

• To replace a lost check

• To make processing faster and more efficient

• To increase the check's value

• To prevent fraud

What happens to a check when it is stamped with "insufficient funds"?

• It is returned to the payee’s bank

• It is processed and cleared

• It is deposited

• It is shredded

Floating a check is writing a…

• check with insufficient funds

• check with extra funds

• check with no date

• check with a future date

Which of the following is an advantage of a checking account?

• Convenience

• High interest rates

• Limited access

• No record keeping

A checking account has a built-in ________________ keeping system.

• record

• tracking

• monitoring

• management

What is the purpose of the memo line on a check?

• To note the purpose of the check

• To write the date

• To sign the check

• To write the amount

What is the function of the ABA Number on a check?

• Identifies the bank

• Identifies the payee

• Identifies the amount

• Identifies the date

Paying __________ online is a feature of using a checking account.

• bills

• groceries

• subscriptions

• taxes