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WorksheetsTypes of Checks Quiz
Total questions: 12
Worksheet time: 6mins
What is a personal check?
A check used for international travel
A check from a personal checking account
A check issued by a business
A check issued by a financial institution
What is the main benefit of a cashier's check?
Ability to use the check for peer-to-peer payments
Guaranteed full payment to the payee
Quick processing time for the check
No fees associated with the check
You are selling your car. Why should you get a cashier's check or certified check instead of a personal check?
Personal checks can be forged or not have enough money to cover the purchase and you will never get your money.
Certified checks can only be issued up to $100.
What is an electronic check?
A check that transfers funds online
A check issued by a business
A check guaranteed by the financial institution
A check used for international travel
What are traveler's checks primarily used for?
Peer-to-peer payments
Paying rent and utility bills
International travel expenses
Purchasing a vehicle
What type of account is a business check tied to?
Personal bank account
Savings account
Business bank account
Which type of check may bounce if there are insufficient funds in the account?
Cashier's check
Certified check
Personal check
Electronic check
What is the main advantage of using eChecks?
Quick processing time for the check
Ability to use the check for international travel
No fees associated with the transaction
Directly deducts money from the bank account
What can happen if a personal check is written without sufficient funds?
The bank will cover the insufficient funds
The check will be automatically voided
The account holder will be charged an overdraft fee
The payee may not be able to cash the check
What is the main disadvantage of using personal checks?
They can be easily lost or stolen
They have a high processing fee
They cannot be used for international transactions
They take a long time to process
What is the primary use of a certified check?
For peer-to-peer payments
For international travel expenses
For large purchases where the payee needs guaranteed payment
For online transactions
What is the main difference between a cashier's check and a personal check?
A cashier's check is issued by a bank, while a personal check is issued by an individual.
A cashier's check can be used for international transactions
A cashier's check takes 3 weeks to process.
