Introduction to Business

Chapter 29: Checking Accounts

Chapter Practice Review Quizzes

1
Which is a common medium of exchange, or a way to make payments for goods and services?
A)a signature card
B)a check
C)an endorsement
D)an overdraft
2
Which is a method that allows electronic transfers directly from the payer's account to the account of the person being paid?
A)a signature card
B)a check
C)a direct deposit
D)an overdraft
3
Which term refers to an account that allows two people who are equally responsible to write checks?
A)a joint account
B)a signature account
C)an interest-bearing account
D)a direct deposit account
4
Which term refers to an account for which the account owner has written checks for more money than the balance in the account?
A)traced
B)credited
C)debited
D)overdrawn
5
Which type of card can be used to withdraw cash from a checking account without writing a check?
A)a credit card
B)a debit card
C)a stop payment card
D)an overdraft card
6
Which is NOT a transaction you can do with an online banking Web site?
A)Check your account balances.
B)Transfer money.
C)Send written checks.
D)Pay bills.
7
Which term refers to the person who writes a check?
A)payee
B)drawer
C)drawee
D)router
8
Which term refers to the financial institution where a drawer has an account?
A)payee
B)drawer
C)drawee
D)router
9
Which of the following is NOT required in order for a check to be paid?
A)the drawee's signature
B)a valid date
C)the payee's name
D)matching numerical and written amounts
10
Which is used to trace a check back to the account on which it was written?
A)a valid date
B)a bank route number
C)an endorsement
D)a signature
11
Where do you record checking account transactions?
A)on an outstanding check
B)in a bank statement
C)in a checking account
D)in a check register
12
Which term refers to the signature of the payee on the back of a check?
A)a route number
B)a check number
C)a check register
D)an endorsement
13
Which would NOT help protect against counterfeiting?
A)destroying old account statements
B)making checks payable to "Cash"
C)shredding cancelled checks
D)keeping your account number private
14
Which term refers to checks that have been written but not been cashed?
A)direct deposit checks
B)cancelled checks
C)outstanding checks
D)signature checks
15
Which term refers to the process of determining whether an account holder's records agree with the bank's records?
A)reconciliation
B)endorsement
C)registering
D)routing
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