Financial Algebra Midterm Exam

Front

What should be written on the DATE line of a check?

Back

The date that you are writing the check.

Front

What is the purpose of line 5 on a check?

Back

To write a reminder or memo.

Front

What should be written on line 2 of a check?

Back

Who the check is going to.

Front

What does label number 5 on a check refer to?

Back

Amount in numbers.

Front

What should be written on line 6 of a check?

Back

Your signature.

Front

What is a check?

Back

A written order directing a bank to pay a specific amount from a person's account.

Front

What is the routing number on a check?

Back

A nine-digit number that identifies the bank that holds the account.

Front

What is the account number on a check?

Back

A unique number assigned to a bank account.

Front

What is the purpose of writing the amount in words on a check?

Back

To prevent alterations and clarify the amount being paid.

Front

What is the difference between the amount in words and the amount in numbers on a check?

Back

The amount in words is written to confirm the amount in numbers, providing clarity.