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WorksheetsPFL # 4a Balancing a Checkbook
Total questions: 11
Worksheet time: 22mins
Name
Class
Date
1.
A check is defined as
a)
a written document showing the balance in your checking account.
b)
an automated order transferring money from your savings to your checking account.
c)
a written document that allows you to buy goods and services today and pay for them in the future.
d)
a written document ordering a financial institution to transfer money from your account to someone else.
2.
When you receive your monthly bank statement, it is recommended that you
a)
file it with your other personal records.
b)
use it to reconcile your checking account.
c)
use it to record all of your transactions for the past month.
d)
review it carefully, then shred it before throwing it in the trash.
3.
Writing a check for insufficient funds (commonly called a “hot check”)
a)
can be easily avoided if you do not use an ATM.
b)
is impossible as long as you have checks in your checkbook.
c)
can result in expensive fees, fines and even jail time, if convicted.
d)
is really no big deal as long as you pay the fees and cover the check amount.
4.
The first set of numbers at the bottom of your check are called
a)
check routing numbers.
b)
checking account numbers.
c)
deposit numbers.
d)
banking numbers.
5.
In which format would you write the amount of the check in the small space that starts with the dollar sign?
a)
100.00
b)
One hundred dollars and no/100
c)
100 dollars and 00 cents
d)
One hundred dollars and no cents.
6.
A debit card
a)
is the same as a credit card.
b)
charges interest on all transactions.
c)
is the same as a check, only in a plastic form.
d)
is similar to a check, but delays payments like a credit card.
7.
Deposits represent
a)
money that is subtracted from your checking account.
b)
money that is available in your checking account.
c)
money that is added to your checking account.
d)
purchases made with a debit card.
8.
Which of the following statements is TRUE?
a)
As long as you have signed a check, it is a legal document and will be accepted as payment.
b)
A check is not a legal document. It is only an agreement between you and the bank to pay someone.
c)
It does not matter what date you write on the date line of a check because it is a legal document, regardless of the date.
d)
A check is a legal document and therefore, must be filled in correctly; otherwise, banks or other businesses may refuse to accept it as payment.
9.
The primary purpose of a check or debit card is to
a)
encourage people to spend more money.
b)
replace cash so the government has a record of your activities.
c)
replace cash so the government does not have to pay to print bills or make coins.
d)
make it easier for people to buy goods and services, pay bills, and make other financial transactions.
10.
When using a debit card, it is important to remember
a)
that you are being charged a fee for every transaction.
b)
to write down all transactions and add them to your account balance.
c)
to write down all transactions and subtract them from your account balance.
d)
you have one to two weeks before the purchase will be deducted from your account balance.
11.
Reconciling a bank statement is used to
a)
find your daily account balance.
b)
write down all transactions with your account.
c)
determine if there are any discrepancies in your records.
d)
track all fees paid to your financial institution.
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