EFL Review M2L2

Maintaining a checkbook and its balance is ______.

• difficult for most people.

• something you do twice a year.

• not necessary to do to be financially responsible.

• not difficult at all.

How often should you balance your checkbook?

• once a week.

• once a month.

• once a year.

• once every three month.

Ursula took out $20 from her ATM. Which code does she use to record this transaction in her checkbook register?

• ATM

• DC

• DD

• DEP

Tony wrote a check to pay his electricity bill. When he records this in his register, he should use:

• ATM

• CHK

• the check number

• DC

What is meant by the term "outstanding check"?

• The check has not cleared your bank.

• The check was written for the wrong amount.

• The check was written to the wrong person.

• You have cancelled the check.

Deposits made but not reflected on the statement - checks written but not processed yet =

• the balance of your checkbook when reconciling

• your debt

• what you owe to the bank

• your budget

Frank used his debit card to purchase gas for his car. When he records this in his register, he should use:

• the check number

• ATM

• DEP

• DC

Which is an example of an item that might appear on your bank statement but not in your checkbook register?

• interest

• automatic payments

• deposits

• cashed checks

Any transaction that is in your check register should match what is on your ______.

• budget

• monthly bank statement

• financial plan

• none of the above

Which of the following would NOT be recorded in the debit column of your register?

• deposits

• automatic payments

• ATM withdraws

• debit card uses