WorksheetsChecking Accounts & Banking Services (FL4)
Total questions: 42
Worksheet time: 21mins
A bank account that allows depositors to write checks to make payments
savings account
certificate of deposit
checking account
retirement account
When should you have a checking account?
as soon as you turn 16
by the time you are 30
nobody needs a checking account
when you have income and/or pay bills
When you write a check to pay your electric bill, physical money is moved from your bank to the bank your electric company uses.
True
False
What is an advantage of using a checking account?
provides a convenient way to pay bills
safer than using cash
built in record keeping system
all are advantages of using a checking account
A check written for more money than you have in your checking account in called a(n)
overdraft
voided check
canceled check
certified check
The FDIC insurance each bank account for how much money?
$10,000
$25,000
$100,000
$250,000
An account opened up by two or more people is called a(n)
youth account.
joint account.
group account.
business account.
Which of the following is preprinted on each check?
the payee
the amount
the maker's name and address
the date
Which number identifies your individual checking account at the bank?
the check number
the routing number
the account number
A bounced check is another name for a(n)
certified check
voided check
overdraft
electronic funds transfer
If the numerical amount and the dollar amount written in words on a check don't match, which is the legal value of the check?
the numerical amount ($10.00)
the amount written in words (Eleven and 00/100)
You write a check to pay your rent and give it to your apartment complex. You are the
maker
payee
Most banks offer several types of checking accounts.
True
False
If you make a mistake on a check, you need to write what word on the check?
void
cancel
fraud
bad
Signing the bank of a check to cash it or deposit it is called
signing a check.
voiding a check.
certifying a check.
endorsing a check.
Which is the most common type of endorsement?
restricitve
special
blank
joint
Which type of endorsement transfers ownership of the check to a third party?
restrictive
special
blank
A booklet or form used to record checking account transactions is called a(n)
checkbook register.
bank statement reconciliation.
transaction list.
endorsement book.
Which transaction would not be recorded on a checkbook register?
a check
an online payment
an ATM withdrawal
all of these transactions would be recorded in the checkbook register
Receiving interest on your checking account would have what impact on your checking account balance?
increase it
decrease it
Transferring money from your checking account to your savings account would have what impact on your checking account?
increase it
decrease it
Writing a check would have what impact on your checking account balance?
increase it
decrease it
How often should you reconcile your checking account?
it's not necessary to reconcile your checking account if you check your balance in your mobile app
at least once a year
at least once a month
every day
The process of matching your checkbook register with the bank statement is called
a checkbook register.
a reconciliation.
an endorsement.
an overdraft.
Transactions that you know about that the bank isn't aware of when they print your bank statement are called
outstanding transactions.
mistakes.
voided transactions.
canceled transactions.
An endorsement that includes the words "For Deposit Only" is what type of endorsement?
blank
special
restrictive
All checking accounts pay interest.
True
False
Checking accounts at credit unions are sometimes called share account.
True
False
A paper document, similar to a check, used for making payments that can be purchased at a post office is called a(n)
travel's check
money order
cashier's check
electronic funds transfer
A personal check that the bank guarantees to be good (not bounce) by stamping it is called a(n)
money order
cashier's check
bank check
certified check
A type of guaranteed-payment check that is written by the bank on its own funds is called a(n)
certified check
cashier's check
money order
travel's check
Money orders are not linked to a checking account.
True
False
Debit cards can be used to withdraw money at an ATM.
True
False
A request that the bank not cash or process a specific check is called a(n)
overdraft
voided check
canceled check
stop payment order
What is the primary purpose of a checkbook register?
To track your credit card transactions
To manage investment portfolios
To record checking account transactions
To calculate interest on savings
Which of the following is a feature of a joint account?
It does not require any identification
It is exclusively for business use
Multiple people can access and manage the account
Only one person can deposit money
What happens if you write a check without sufficient funds in your account?
The check will be processed normally
The check will be returned as a bounced check
The check will be converted into a money order
The bank will automatically cover the amount
A transfer of money from one account to another without use of a check or debit card is called
an electronic funds transfer.
a fraudulent transaction.
an overdraft transfer.
a credit transfer.
A bank service that transfers money from your savings account to your checking account if you write a check for more money that you have in your checking account is called
a credit card.
ATM protection.
overdraft protection.
a fraud alert.
What is the primary purpose of a checking account?
To save for retirement
To facilitate daily transactions
To invest in stocks
To earn high interest
Which of the following is typically required to open a checking account?
A business license
A loan application
A valid form of identification
A credit card
What is the purpose of a bank statement?
To apply for a loan
To calculate taxes owed
To offer investment advice
To provide a summary of account transactions
