WorksheetsCheck Processing Quiz
Total questions: 23
Worksheet time: 13mins
What is a savings account?
A box under your bed
A type of bank account that earns interest over time
A place to store your toys
A book where you write down your secrets
What is the first step in reconciling your account?
Add credits or deposits not on statement.
Write ending balance from bank statement.
List checks, withdrawals, and debits made but not shown on statement.
Total outstanding checks/debit transactions.
What does your bank do after receiving the check from the payee’s bank?
Stamps the back of your check.
Withdraws the money from your account.
Cancels the check.
Returns the check to the payee.
What is the purpose of stamping the back of a check?
To indicate it has been canceled.
To indicate it has cleared.
To indicate it has been lost.
To indicate it has been returned.
What is the first action taken by the payee in the check process?
Returns the check to your bank.
Stamps the back of the check.
Cashes the check.
Cancels the check.
Why is floating a check considered risky?
Checks can be easily lost
Electronic systems process checks quickly
It requires a lot of paperwork
It is difficult to track
How does a checking account help with financial management?
Provides loans
Built-in record-keeping system
Offers investment advice
Reduces taxes
What is the amount shown for transaction code SC?
600.00
00.20
926.68
326.48
What is the main risk of a blank endorsement?
It can be cashed by anyone who finds it.
It requires a bank manager's approval.
It cannot be deposited.
It is invalid after 30 days.
What is a blank endorsement?
A signature of the payee written exactly as his or her name appears on the front of the check.
A signature of the payee with additional instructions.
A signature of the payee with a date.
A signature of the payee with a note.
What is a restrictive endorsement?
An endorsement that allows free use of a check
An endorsement that restricts or limits the use of a check
An endorsement that cancels a check
An endorsement that transfers a check to another person
What is a full-service bank?
A bank that offers only savings accounts
A bank that provides loans only
A bank that offers every possible kind of service
A bank that only issues credit cards
Which of the following is a service offered by full-service banks?
Safe deposit boxes
Real estate advice
Stock trading
Insurance sales
Which of the following is a financial service provided by banks?
Grocery delivery
Certified checks
Movie tickets
Travel bookings
What is another name for a cashier’s check?
Personal check
Traveler’s check
Bank draft
Money order
A signature or stamp on the back of a check transferring ownership.
special endorsement
endorsement
restrictive endorsement
blank endorsement
What is a check that has not been returned for processing to the financial institution from where it originated?
Outstanding
Voided
Cashed
Authorized
The date
The amount of the check
Who the check is going to
Your signature
It's okay to erase and use whiteout to fix mistakes on a check.
True
False
You can store valuables at a bank by purchasing the use of a
safe deposit box
post office box
padlock box
strong box
A financial institution is an organization that provides services related to _____.
clothing
money
property
insurance
A check with a ____________ endorsement may be used only for the specific purpose stated in the signature on the back of the check. Example: For Deposit Only John Doe
blank
special
restrictive
cashier
A check with a blank endorsement can be cashed by anyone who has the check.
False
True
