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Checking Account Review

Total questions: 75

Worksheet time: 41mins

Name
Class
Date
1.
An example of a restrictive endorsement is "For Deposit Only"
a)
True
b)
False
2.
Which of the following is NOT an example of a banking fee?
a)
Overdraft Fee
b)
Minimum Balance
c)
ATM Fee
d)
Deposit Fee
3.
A debit card allows you to make purchases and pay the money back at a later date
a)
True
b)
False
4.
Which of the following are advantages of a debit card?
a)
Convenience
b)
Limited Liability if Stolen
c)
Pay Later
5.
This account is designed for easy access and for everyday expenses
a)
Savings
b)
Checking 
c)
Money Market
d)
CD
6.
What is a factor when choosing a financial institution?
a)
Location
b)
Interest
c)
Insurance
d)
All of the Above
7.
A fee that is charged for borrowing money
a)
Overdraft Fee
b)
Borrower Fee
c)
Interest
d)
ATM Fee
8.
When you reconcile your account you should subtract
a)
Any outstanding deposits
b)
Any outstanding checks
c)
Interest You Have Earned
d)
Paychecks
9.
Pat wants to pay for her electricity bill each month - what should she choose?
a)
Cash
b)
Credit CArd
c)
P2P Payment (Person to Person Payment)
d)
Debit Card/Online Bill Pay
10.
Which of the following is an advantage to online banking?
a)
Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees.
b)
With online banking, you can view your daily transactions and balances, rather than waiting for your monthly statement.
c)
By signing up for online banking, you will activate the FDIC insurance on your account.
d)
You can shop online only if you've set up online banking
11.
The largest source of fees for banks when it comes to checking accounts is...
a)
Overdraft Fees
b)
Wire Transfer Fees
c)
Check Printing Fees
d)
Interest Expense
12.
Which of the following is TRUE about checking accounts?
a)
Interest rates are fixed as long as your account is open
b)
Banks cannot change the fees on your account while it is open
c)
Banks can change interest rates but not fees on your account while it is open
d)
Both interest rates and fees are subject to change by the banks
13.
Which of the following are NOT  good habits to protect your checking account information?
a)
Carry the PIN number for your debit card with you in your purse or wallet
b)
Shred documents that have your account number on it
c)
Check your ATM and debit card transactions on a frequent basis
d)
Never sign a blank check
14.

. Darren writes a check to the phone company for $45.60. He should record this amount in what part of his checkbook register?

Fee ColumnDeposit/Credit ColumnPayment/Debit ColumnBalance Column

a)

Deposit/Credit Column

b)

Fee Column

c)

Payment/Debit Column

d)

Balance Column

15.

Which part of a check provides a place for you to write the purpose of the check?

a)

signature line

b)

payee line

c)

memo line

d)

routing number

16.

A _______ _______ gives the bank instructions for adding money to your account

a)

deposit ticket

b)

deposit check

c)

check register

d)

checking account

17.

Your ____ _______ serves as a reference number for your payments.

a)

account number

b)

routing number

c)

check number

d)

telephone number

18.

What does it mean if you do NOT have a tick mark or check mark beside an item at the end of the month on your check register?

a)

It means that the person or institution you gave your check to, lost it.

b)

It means that you forgot to give your check to who you were supposed to give it to.

c)

The check has not yet been processed by the bank and it called a withstanding check.

d)

The check has not yet been processed by the bank and it called an outstanding check.

19.

What does it mean to reconcile your checkbook?

a)

This happens when you fill out your check register.

b)

At the end of the month you check to see if your check register matches your bank statement.

c)

This happens when you go to the bank and deposit money

d)

This happens each time you write a check

20.

You are supposed to write things such as ATM cash withdrawals and Debit Card purchases in you check register.

a)

true

b)

false

21.

What should you do if you lose you debit card?

a)

wait a week to see if you do find your card

b)

backtrack your steps and try to find it

c)

report it to your bank so they can cancel your card and issue a new card

22.

A common financial service used by many consumers. They can help to manage money and make paying bills more convenient.

a)

Reconciling

b)

Check

c)

Checking Account

d)

PIN

23.

A legal document that functions like cash.

a)

Check

b)

ATM

c)

Deposit slip

d)

PIN

24.

All transactions including deposits, checks, debit card purchases, additional fees, and ATM use should be recorded here immediately after completion.

a)

Deposit slip

b)

Check register

c)

Debit card

d)

Check

25.

Money put into an account.

a)

Deposit

b)

Withdraw

c)

Transfer

d)

Exchange

26.

The FDIC and NCUA insure an account up to $250,000.

a)

true

b)

flse

27.

Monthly BANK report that states your transactions and balance

a)

Wall Street Journal

b)

Bank Statement

c)

School Report

d)

Checking Report

28.

The amount of money in your account

a)

Deposit

b)

Benjamins

c)

Balance

d)

Dollars

29.

To take money $$ out of your account

a)

withdrawal

b)

deposit

c)

invest

d)

steal

30.

When must you sign a deposit slip?

a)

when you receive cash back

b)

when you deposit any amount of cash

c)

when you deposit more than $100

d)

when you deposit more than $10,000

31.

How is the amount written on a check?

a)

in words

b)

in number words and numbers

c)

in $$$ signs

d)

in numbers

32.

A blank endorsement on a check:

a)

Has no effect on the check

b)

Cancels the check

c)

Creates a check that can be cashed by anyone

d)

Restricts the use of the check

33.

A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should

a)

include the reason that both cash and a check are being deposited.

b)

indicate what bank issued the check that is being deposited.

c)

indicate the amount of money that is currently in the checking account as well as in a savings account to cover the check.

d)

list the cash deposit separately from the check as well as the total of the deposit.

34.

Interest can be earned or charged.

a)

true

b)

false

35.

Which of the following refers to checks that have been written but not cashed?

a)

cancelled check

b)

demand deposits

c)

outstanding checks

d)

bank statements

36.

What is # 1 on the check

a)

A place on the check to write your name when you are paying for goods and services.

b)

A name of male person for whom the law does not know their identity

c)

A preprinted check with Payers name on and address that let's the payee know who is paying for the goods or service

d)

none of the above

37.

Line # 2 is?

a)

This is where you sign your checks for them to be used by the person or company who will be receiving the money.

b)

This is where you put the money amount as to what you are spending

c)

This is where you write for what goods and services you are receiving as a reminder.

d)

This is where you write the name of the person or company who will be receiving the money. If you’re making a withdrawal for yourself, you will write “Cash” here.

38.

The Numeric amount of the check should be written in which part of the check?

a)

1

b)

4

c)

3

d)

3 and 4

39.

Where on the check is the reference number will help you keep track of your payments by check. Each time you write a check, you should record the check number, date, payee, and amount in your check register, and calculate your new balance.

a)

9

b)

10

c)

11

d)

12

40.

This is the 10-digit account number that is unique to your account. This tells the bank which account the money comes from.

a)

8

b)

9

c)

10

d)

11

41.

This is the bank routing number. It identifies the bank that issued the check. You need this number to set up direct deposit at work. Direct deposit allows your employer to electronically deposit your paycheck directly into your account, without giving you a paper check.

a)

9

b)

10

c)

11

d)

12

42.

How much cash was deposited?

a)

$924.90

b)

$100.00

c)

$45.67

d)

$1024.90

43.

How much money in checks were deposited?

a)

$45.67

b)

$1024.90

c)

$979.23

d)

$924.90

44.

What is the amount $60.00 for?

a)

How much that is being deposited into my account.

b)

How much money I am receiving plus both checks.

c)

How much money I am receiving from the balance of both checks being deposited

45.

Transaction:Hannah paid her rent by writing a $400 check to her landlord.

a)

deposit

b)

withdrawal

46.

Transaction:Money is automatically transferred into Victor’s checking account for earnings from his job.

a)

deposit

b)

withdrawal

47.
A _____ is used to add funds to a bank account
a)
deposit slip
b)
signature card
c)
check
d)
check register
48.
If you lose a check and want to prevent someone else from using it, you can issue this type of order to the bank.
a)
stop payment
b)
demand deposit
c)
outstanding check
d)
cancelled check
49.
Which of the following refers to the payee's signature on the back of the check?
a)
signature card
b)
check register
c)
endorsement
d)
bank statement
50.
Which of the following refers to checks that have been written but not cashed?
a)
cancelled check
b)
demand deposits
c)
outstanding checks
d)
bank statements
51.
With a joint checking account, everyone who shares the account must sign each check.
a)
True
b)
False
52.
Some banks charge $20 or $25 penalty fee for checks you don't have enough money to cover.
a)
True
b)
False
53.
You can handle your checking account through online banking.
a)
True 
b)
False
54.
The person who writes a check is called the payee.
a)
True
b)
False
55.
The way you sign your checks doesn't have to be exactly like the way you signed your name on your signature card
a)
True
b)
False
56.
Check you have written that hasn't been cashed.
a)
endorsement
b)
withdrawal
c)
outstanding check
d)
overdraft protection
57.
Signature on the back of a check.
a)
outstanding 
b)
endorsement
c)
withdrawal
d)
debit card
58.
A line of credit for checks your account can't cover.
a)
overdraft protection
b)
endorsement
c)
stop payment
d)
canceled check
59.
Checking account for married couples.
a)
single accout
b)
joint account
60.
You _________ your account when you write checks for more money than you ahve in the bank.
a)
debit card
b)
service fee
c)
overdraw
d)
deposit
61.
If you want to deposit a check in your account and not cash it, you should write _____ on the back to make sure no one else can cash it.
a)
Your signature
b)
For Deposit Only
62.
A __________ is a log where you keep track of all your checking transactions.
a)
statement
b)
register
63.
To balance your records with the bank's records.
a)
reconcile
b)
register
64.
A blank endorsement allows anyone to cash a check.
a)
True 
b)
False
65.
You have to pay a service fee on a checking account for the paperwork the bank does to maintain the account.
a)
True
b)
False
66.
Which of the following refers to the payee's signature on the back of the check?
a)
signature card
b)
check register
c)
endorsement
d)
bank statement
67.
Which of the following refers to checks that have been written but not cashed?
a)
cancelled check
b)
demand deposits
c)
outstanding checks
d)
bank statements
68.
Cash can be withdrawn from a checking account using all of the following except a(n)...
a)
debit card. 
b)
check. 
c)
ATM.
d)
credit card.
69.
The first set of numbers on the bottom of a check is...
a)
the routing number.
b)
the owner's account number.
c)
the check number.
d)
the check owner's birthday.
70.
The second set of numbers on the bottom of a check is...
a)
the routing number.
b)
the owner's account number. 
c)
the check number.
d)
the check owner's birthday.
71.
A password or identification number entered to use a debit card is called a(n)
a)
ATM.
b)
PIN. 
c)
date.
d)
verification number.
72.
The three digit code found on the back of a debit card in the signature area.
a)
Account Number
b)
Expiration Date
c)
Authorization Signiture
d)
Verification Number
73.
If you use an ATM that is not sponsored by your bank, you may be...
a)
given extra money.
b)
given a hug.
c)
given ice cream.
d)
charged a service fee.
74.
What do you need to withdraw cash from an ATM?
a)
Pin Number
b)
Debit Card
c)
Cash in your Account
d)
All of the Above
75.
Debit cards are paper and have several lines that need to be filled out.
a)
True
b)
False

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