Question 1

Service charges represent fees that banks pay you for keeping your money on deposit at their institution.

Accepted Answer

A) True 
 B)False

Question 2

"Outstanding deposits" are those deposits that appear in your records, but do not appear on your bank statement.

Accepted Answer

A) True 
 B)False

Question 3

Overdraft protection is a good substitute for reconciling your bank account on a regular basis.

Accepted Answer

A) True 
 B)False

Question 4

The bank statement is the primary tool used in reconciling a checking account.

Accepted Answer

A) True 
 B)False

Question 5

Outstanding checks:

Accepted Answer

A)   are the checks that are returned to the payor
B)   have been presented to the bank and paid
C)   have not been received and processed by the bank
D)   are the bank's checksE) B) and C)
F) A) and B)

Question 6

When depositing money into a checking account, a deposit slip is not needed.

Accepted Answer

A) True 
 B)False

Question 7

When reconciling your bank statement, outstanding checks should be deducted from the balance shown on your bank statement.

Accepted Answer

A) True 
 B)False

Question 8

Personal checks and some business checks have a line called a for the maker to describe what the check is for.

Accepted Answer

A)   signature card
B)   check register
C)   check stub
D)   memoE) A) and B)
F) B) and C)

Question 9

It is a good idea to use a restricted endorsement when depositing a check.

Accepted Answer

A) True 
 B)False

Question 10

When money is to be added to a checking account, a___________ is normally filled out.

Accepted Answer

A)   signature card
B)   receipt
C)   deposit slip
D)   check bookE) A) and B)
F) All of the above

Exam 4: Banking

Overdraft protection is a good substitute for reconciling your bank account on a regular basis.

Correct Answer
verified

When reconciling your bank statement, outstanding checks should be deducted from the balance shown on your bank statement.

Correct Answer
verified

The bank statement is the primary tool used in reconciling a checking account.

Correct Answer
verified

When money is to be added to a checking account, a___________ is normally filled out.

Correct Answer
verified

It is a good idea to use a restricted endorsement when depositing a check.

Correct Answer
verified

Service charges represent fees that banks pay you for keeping your money on deposit at their institution.

Correct Answer
verified

"Outstanding deposits" are those deposits that appear in your records, but do not appear on your bank statement.

Correct Answer
verified

Personal checks and some business checks have a line called a for the maker to describe what the check is for.

Correct Answer
verified

Outstanding checks:

Correct Answer
verified

When depositing money into a checking account, a deposit slip is not needed.

Correct Answer
verified

Exam 4: Banking

Overdraft protection is a good substitute for reconciling your bank account on a regular basis.

Correct AnswerverifiedShow Answer

When reconciling your bank statement, outstanding checks should be deducted from the balance shown on your bank statement.

Correct AnswerverifiedShow Answer

The bank statement is the primary tool used in reconciling a checking account.

Correct AnswerverifiedShow Answer

When money is to be added to a checking account, a___________ is normally filled out.

Correct AnswerverifiedShow Answer

It is a good idea to use a restricted endorsement when depositing a check.

Correct AnswerverifiedShow Answer

Service charges represent fees that banks pay you for keeping your money on deposit at their institution.

Correct AnswerverifiedShow Answer

"Outstanding deposits" are those deposits that appear in your records, but do not appear on your bank statement.

Correct AnswerverifiedShow Answer

Personal checks and some business checks have a line called a for the maker to describe what the check is for.

Correct AnswerverifiedShow Answer

Outstanding checks:

Correct AnswerverifiedShow Answer

When depositing money into a checking account, a deposit slip is not needed.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified