CFL Unit 2 Study Guide

What is The Patriot Act?

• An act that requires financial institutions to give discounts to military veterans

• An act that requires financial institutions to collect certain info when a new account is opened

• An act that requires financial institutions to give your account a certain amount of privacy

• An act that requires financial institutions to have multiple layers of security on accounts

What info must a financial institution collect to open an account? (Effect of The Patriot Act)

• Name, birth certificate, valid driver's license, and address

• Name, address, where you work, and phone number

• Name, date of birth, address, and identification number

• Name, date of birth, address, and valid driver's license

Commercial banks are ______ banks. (Type in lowercase)

Credit Unions are ___ ______ banks. (Type in all lowercase)

What should you do first when writing a check?

• Write who's it for

• Write amount of money being paid

• Write the date of the check

• Write a memo

A check register is a log you keep of the money you spend and earn.

• False

• True

If something shows up on your check register but not your bank statement you DON'T have to do anything about that.

• True

• False

Answer explanation

You must add that charge or deposit to a reconciliation page to calculate how much is actually in your account.

If something shows up on your bank statement but not your check register what do you do?

• Ignore it, it's not THAT important

• Put the charge or deposit on a reconciliation page

• Call your bank about it

• Add it to the check register

How many different ways are there to endorse a check? (Type in all lowercase)

What are the different ways to indorse a check?

• Blank, restrictive, and to a third party endorsement

• Blank, special, and super special endorsement

• Restrictive, private, and blank endorsement

• Any way you want