When Travante compared his bank statement with his check register, he found checks that were recorded in his check register, but not on the bank statement. What is the name for these checks?
Outstanding checks
Canceled checks
Insufficient checks
Bounced checks
There is a new bank in town and Carlotta was interested in the services it offered, but she discovered that this bank has very few branches in the area where she travels frequently on business. She will not use this bank because of what characteristic of financial institutions?
Fees and Charges
Services
Convenience
Safety
After endorsing her check with her name only, Jasper lost the check. She is concerned that someone else might cash it. What type of endorsement did she use?
Full/Special
Check register
Blank
Restrictive
LaDarius pays his monthly rent by check each month. Before he writes the check, he always:
Takes money from the ATM
Records information in the check register
Calls the bank
Signs his name on the check
Each time Bryson receives a check they immediately stamp it on the back with an endorsement that limits the use of the check to only being deposited in Bryson’s account. What type of endorsement is this?
Solid
Each month when Travante receives his bank statement, he brings his check register into agreement with his bank statement. What is this process called?
Bank reconciliation
Recording checks
Opening an account
Summary of accounts
Mason works for the state and uses the financial institution that is owned by state workers and serves its members only. The interest rates on loans are usually better there. This is an example of what type of financial institution?
Investment company
Commercial bank
Credit Union
Consumer finance company
Phil is writing a company check and just completed writing the amount of the check in words. What should Phil do NEXT?
Write the payee’s name
Sign the check
Write in the numerical amount of the check
Write in the purpose of the check
Which number is Figure A refers to the check number?
1
6
8
9
Which number in Figure A refers to the drawer’s account number?
7
Deshun'to wants to open up a savings account at a local financial institution that accepts deposits and pays him interest on the account. Which type of financial institution will Deshun'to use?
Depository
Non-depository
Traveler's Check
Money order
Lineasa needs cash quick and doesn't have a bank account at a local bank. She wants to sell her gold necklace for cash fast. What type of financial institution will Lineasa use?
Check cashing outlet
Mortgage company
Matthew goes to a check cashing outlet to cash his checks and file his income tax. This is an example of which type of financial institution?
Pawn shop
Joshua wants his business to choose a financial institution based on whether or not it offers savings, checking, loans, credit cards, etc. This is an example of which characteristic of financial institutions?
Fees
Restrictions
Safety and security
Malak pays her monthly rent by check each month. Before she writes the check, she always:
Fills in the appropriate information into her check register
Signs the bottom
Withdraws money from her account
When Shyreak opened a checking account at Wells Fargo, these two things were required:
Signature card and a withdrawal slip
A check to deposit and a savings account
Signature card and a check to deposit
A bank statement and a check register
Kerry received a letter in the mail from his bank notifying him that two of his checks had bounced and that they charged him $55 for the two checks. The acronym NSF was in the letter. What was the bank communicating to Sam with stating NSF?
That he had enough money in his account
They were going to close the account
He didn't have enough money in his account to cover the check
They were depositing the money into his account
When Shyheim received his bank statement in the mail, he noticed that he had forgotten to record a $40 ATM withdrawal into his check register from two weeks ago. What does Shyheim need to do in his check register if his balance states that he has $84 in his account?
He needs to add $40 to his balance in his check register.
He needs to subtract $40 from his balance in his check register.
He needs to add $40 to his balance on his bank statement.
He needs to subtract $40 from his balance on his bank statement.
How many Federal Reserve Locations are there in the U.S.?
15
10
11
12
What is the centralized banking system (the bank’s bank) of the United States?
World Trade Organization
International Monetary Fund
The Federal Reserve System
State Employees' Credit Union
The Federal Reserve System supplies money to the monetary system by putting $400 billion dollars into the monetary system. What service is the FED providing?
Supervising banks
Approving bank mergers
Participating in open market activities
Managing the discount rate
The Federal Reserve System just announced that it was increasing its interest rate charged to banks to 2.25%. Banks borrow money from the Federal Reserve System to loan to customers. What service is the FED providing?
Participating in the open market
Holding reserves
Please wait - loading…