Introduction to Business

Section 1: The Basics of Checking Accounts

Self-Checks

1
A written order directing a financial institution to pay money is called a ________ .
A)bill
B)check
C)draft
D)warrant
2
The person to whom a check is written is called the ________ .
A)casher
B)client
C)payee
D)receiver
3
After the money is paid, the check writer's bank _______ the check.
A)breaks
B)cancels
C)flips
D)holds
4
The process that allows electronic transfers of payments directly from an employer's account to an employee's account is called ________ .
A)automatic transaction
B)direct deposit
C)e-paycheck
D)payroll direction
5
A checking account that allows two people who share equal responsibility for the account to write checks is called ________ a account.
A)dual
B)joint
C)partnership
D)mutual
6
A bank record of an account holder's signature used to verify identity is a(n) ________ .
A)bank card
B)endorsement card
C)signature card
D)teller card
7
When a person writes checks for more money than the balance in his/her account, the account is ________ .
A)drawn down
B)overdrawn
C)over the limit
D)unfunded
8
If you write a check for more than you have in your account, the bank will cover the check up to a certain amount if you have ________ .
A)account insurance
B)check guarantees
C)money in another account
D)overdraft protection
9
A bank card that immediately takes money from a checking account after use is a(n) ________ .
A)account card
B)credit card
C)debit card
D)money card
10
If you have an interest-bearing checking account, you ________ .
A)earn interest on your balance
B)get a lower interest rate on loans
C)pay interest on each transaction
D)are protected in case of an overdraft
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