Paper money is also known as banknotes.
Chapter 5 The Banking System

Flashcard
•
Financial Education
•
8th Grade
•
Hard
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22 questions
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1.
FLASHCARD QUESTION
Front
Back
True
2.
FLASHCARD QUESTION
Front
A canceled check serves as proof of payment for bills or purchases.
Back
True
3.
FLASHCARD QUESTION
Front
The payee is the person who is writing the check.
Back
False
4.
FLASHCARD QUESTION
Front
If a check is not properly endorsed, it may be returned by the bank to the customer and not deposited.
Back
True
5.
FLASHCARD QUESTION
Front
A third-party check can easily be cashed or deposited into any account.
Back
False
6.
FLASHCARD QUESTION
Front
You should reconcile your bank statements at least once a year.
Back
False
7.
FLASHCARD QUESTION
Front
When a check is cashed, the check is said to be truncated.
Back
False
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