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WorksheetsCheckbook Skills Review
Total questions: 11
Worksheet time: 7mins
On Monday your checking account has a balance of $200. On Tuesday you deposit a check for $500. When can you make a $400 cash withdrawl?
Immediately
As soon as the deposited check clears, usually 3-7 days
As soon as the bank has recorded the transaction, usually the same day.
As soon as you deposit another check equal to the withdrawal amount.
Which of the following will incur a service charge or fee?
stop payment order
certified check
bounced check
deposited check returned for insufficient funds
All of the above
On March 15 you sign into your banking account to set up an online payment dated March 20. You would enter this payment into your register:
On March 20, showing the payment dated March 20.
Immediately, showing a payment date of March 15
Immediately, showing a payment date of March 20.
Since it is an online payment you do not need to enter it into your check register
A check that has cleared could still bounce.
True
False
Unless you add a restrictive phrase like "for deposit only", an endorsed check is the same as cash.
True
Fasle
For a check that has cleared, your bank statement will show:
The check number, amount, the date you wrote the check, and payee
The check number, amount, the date you wrote the check, and payee, & the "memo" on the check
The check number, amount, the date the check cleared bank, and payee
The check number, amount, & the date the check cleared your bank
For a check that has not yet cleared, your bank statement will show:
Nothing
The check number, amount, date the check cleared your bank, and payee
The check number, amount, date the check cleared your bank
The check number, amount, date you wrote the check, and the payee
You write a check, putting $201.00 as the written amount and "Two hundred ten dollars and no/100" as the legal amount. You should expect that your bank will:
honor the check and pay $201.00
honor the check & pay $210.00
Return the check to the depositor's account as unpaid
Call you to see which amount is correct
You put an ad in the paper to sell your car. Someone answered the ad & offered to pay you by check. How can you be sure to get your money if you accept the check?
Ask for certified check
Ask for a registered check
You cannot be sure until the check clears
Ask for three credit references
You sent a check to someone three months ago but they have informed you that the check was never received. What is the first thing you should do?
Ask the person to wait another week to see if the check arrives
Check your register to see if you have the cancelled check
Send the person a certified check
Issue a stop payment order & send a new check
Match each item below to the definition:
Cancelled checks
Checks paid by the bank & return with your statement
Outstanding checks
checks which you have written but not yet recorded by the bank
bank statement
A bank listing of payments from your account, deposits & service charges
reconcile
to assure that the bank stament agrees with your checkbook register
endorse
to sign your name to the back of a check payable to you
