WorksheetsMore About Checking Accounts
Total questions: 22
Worksheet time: 11mins
Why should you never leave the payee (Pay to the Order of) line blank?
To identify the account where the funds are to be withdrawn from
To be helpful to the person you're paying
To prevent someone else from cashing the check
To specify what you're paying for
What is the purpose of filling in the dollar amount in numbers as close to the dollar sign ($) as possible?
To prevent the dollar amount from being changed
To ensure numbers aren't transposed
To leave as much space in the box as possible
To avoid having to use fractions for cents
Why should you draw a line from the end of the words to the word "dollars" when writing out the dollar amount in words?
To ensure the details are correct
To evade hackers
To avoid accidentally writing the wrong information
To make it hard for anyone to change the dollar amount
What is the purpose of filling in the "For" line?
To help you track where your money went
To help the bank clarify the purpose of the purchase
To help the payee know what you're paying for
To help avoid postdating the check
Why should you sign your signature instead of printing it?
Printed signatures are not accepted by banks.
Printed signatures are easier to forge.
Printed signatures are not professional.
Printed signatures are only for authorized account holders.
WHAT is a check register?
A summary of fees assessed to your account
A record of interest paid on your account
A detailed description of the legal agreement between you and the bank
A list of transactions in your bank account, along with a running balance that tells you how much money you have available to spend
WHERE do you get a check register? (choose all correct answers)
Build a simple register in your favorite design or spreadsheet tool.
Grab a check register from the back of an old checkbook.
Order a new register from an online check printer or your bank.
Download a free template for Microsoft Excel or Google Sheets.
Buy a register from an office supply store.
Which of the following is NOT a reason to use a check register?
To catch identity theft
To avoid bounced checks
To know how much you can afford to spend
To write down your grocery shopping list
HOW OFTEN should you update your check register?
Monthly
Every time you make a transaction
Daily
Weekly
HOW do you use/complete a check register?
Record only deposits to your account
Record all of your transactions
Record only withdrawals from your account
Record only fees assessed to your account
Which of the following is true regarding balancing your account?
Current account balance = starting balance - credits + debits
Current account balance = starting balance + credits + debits
Current account balance = starting balance + credits - debits
Which of the following is true regarding reconciling your account?
To reconcile your checking account, subtract all of the deposits the bank has not yet credited to the bank’s balance and add all the payments, withdrawals and bank fees the bank has not yet cleared from the subtotal to confirm that the bank’s records match the check register.
To reconcile your checking account, delete missing transactions and add duplicate transactions.
To reconcile your checking account, add all of the deposits the bank has not yet credited to the bank’s balance and subtract all the payments, withdrawals and bank fees the bank has not yet cleared from the subtotal to confirm that the bank’s records match the check register.
To reconcile your checking account, add both missing transactions and duplicate transactions.
Which of the following is NOT an important reason to balance and reconcile your account?
To add auto bill pay
To keep track of your spending
To track banking fees
To fight fraud
In today’s age of online banking, why is it still useful to balance and reconcile your checking account?
Banks make tons of mistakes, and this is the only way to catch them.
It will allow you to spot errors and will help you budget your money better.
The bank charges fees that you can only see on the bank statement.
It is the only way to see a history of your direct deposits.
What is direct deposit?
It allows you to deposit cash or other checks along with your paycheck on your scheduled pay date.
It allows you to deposit your paycheck via your banking app by taking a photo of it.
It allows your paycheck to be automatically deposited into your bank account electronically.
It allows your paycheck to be held directly by your bank until you specify a date that you would like for it to be deposited.
How are funds directed to your bank with direct deposit?
Account number
Routing number
Employee number
Employer number
How are funds directed to your specific account with direct deposit?
Employee number
Routing number
Account number
Employer number
With direct deposit, you need to bring a check into the bank.
True
False
Which of the following are benefits of direct deposit that are mentioned in the video? (choose all correct answers)
Direct deposit allows you to have quick access to your money.
People generally save more with direct deposit.
Direct deposit is more safe than a paper check.
Direct Deposit is convenient.
Which of the following is NOT an advantage of online bill pay at most banks?
Management of payments to various companies all in one place
Assurance that your payments will arrive on time
Ease of organizing and paying bills
Ability to access transactions from Quicken software for free
According to the article, how does online bill pay work?
Log in to the provider's website, click the bill pay feature, add your debit/credit card information, pay the bill.
Search for the provider using any reliable search engine, click on their banking information, then add your payment information to pay your bill.
Log in to your bank account, navigate to its online bill pay feature, then select the provider you'd like to pay.
Search for the provider on your bank's website, click the link for online bill pay, adjust the payment amount, then click submit.
With online bill pay, payments can be sent by your bank electronically, but not via paper check.
True
False
