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WorksheetsChapter 26: Opening a Checking Account
Total questions: 25
Worksheet time: 13mins
Checks are usually not considered to be a safe method for making payments.
True
False
A service charge can be a fee a bank charges for handling a checking account.
True
False
A regular checking account commonly earns interest.
True
False
A sharedraft is a check issued by a member of a credit union.
True
False
A signature card must be completed for each deposit.
True
False
A joint account requires that both account owners sign checks.
True
False
A deposit slip lists currency, coins, and checks to be added to a checking account.
True
False
An endorsement refers to the time between the receipt of a deposit and the availability of the funds.
True
False
A blank endorsement makes checks payable to anyone who has the check.
True
False
A check register is used to maintain a record of deposits and checks.
True
False
A common advantage of a checking account is that
every checking account earns interest
lost checks are insured by the federal government
banks automatically tells you when payments are due
cancelled checks can serve as proof of payment.
The fee a bank charges for handling a checking account is a
credit transaction
deposit
service charge
minimum balance
Which checking account pays the depositor earnings?
an EFT account
an interest-earning account
a regular account
a joint account
The purpose of a signature card is to
serve as identification when cashing a check.
allow a bank customer to obtain cash by just.
allow customers to make deposits quickly.
serve as the bank's official record of a depositor's signature.
Which account is an account opened by two or more people together?
an EFT account
a joint account
a business account
an interest-earning account
When adding money to a checking account, a bank customer prepares a
bank statement.
signature card.
deposit slip.
sharedraft.
The purpose of an endorsement is to
open a checking account with direct deposit.
provide written evidence that payment has been received.
convert U.S. currency to the currency of another country.
instruct the bank to automatically put an amount each month in your savings account.
Angelica recently received a check for $50. She needs to repay her father that same amount. To transfer the check to her father, angelica would use which endorsement?
special
blank
restrictive
continuous
A restrictive endorsement commonly uses which of the following words?
"Pay to the order of."
"For deposit only."
"Void if not cashed within 60 days."
No words are necessary.
Which of the following items is NOT used when recording a deposit?
a check stub
a check register
a service charge
a deposit slip
An interest rate tied to the current cost of money in the marketplace is called the _________________.
money market rate
prime rate
borrowing rate
marketplace rate
A ____________ account allows each owner to sign checks.
partnered
interest-earning
joint
savings
The form on which you list all currency, coins, or checks to be added to a checking account is a ____________________
signature card
sharedraft slip
check register
deposit slip
Use a _______________ endorsement when transferring a check from one person to another person.
special
blank
restrictive
joint
A check ____________ is a form attached to each check and is used for recording deposits and checks written
register
endorsement
stub
sharedraft
