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PF Ch 5 Checking Review

Authored by Morgan Keck

Business

11th Grade

Used 12+ times

PF Ch 5 Checking Review
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47 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Paying bills online is generally considered slower and riskier than writing checks.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

When a check is returned to the payee’s bank due to insufficient funds, the check is said to have

been postdated.
been canceled.
bounced.
floated.

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

When you open a checking account, most banks will require you to have an initial deposit of at least

$1,000.
$500.
$250.
$50.

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which part of a check provides a place for you to write the purpose of the check?

the signature line
the memo line
the routing number
the payee line

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?

$1,485.06
$1,620.38
$1,510.06
$787.10

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Money added to a checking account is called a

withdrawal
deposit
endorsement
drawee

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Always use permanent ink when writing a check.

True
False

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