Personal Finance- Checkbook Skills

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

One Hundred

100

Eleven

11

Thirteen

13

Fifteen

15

Eighteen

18

Nineteen

19

Twenty

20

Thirty

30

Four

4

Forty

40

Fifty

50

Sixty

60

Seventy

70

Eight

8

Eighty

80

Ninety

90

Deposit Ticket

A bank form used to put money into your account.

Bank Statement

A bank listing of checks paid, deposits, and service charges.

False

A check which has cleared could still bounce.

Credit

A deposit would appear as a ____________ on your bank statement.

Debit

A service charge would appear as a _______________ on your bank statement.

True

A stop payment order cannot be issued if the check is already cleared.

"Drawer"

An individual who signs the check.

Cancelled Check

Checks which the bank has paid and returned with your statement.

Outstanding Checks

Checks which you have written but the bank has not yet returned to you.

Certified Check

Guaranteed that the check will not bounce.

False

If money is wired to your account you must wait a few days before the funds are available to you.

False

If your cancelled check are lost or stolen, you should notify the bank immediately to close your account.

Crossing out parts of a check; Dating for the future; Leaving blanks on a check

Incorrect check writing practice:

False

It is good check writing practice to write the check before in the register and calculating your new checkbook balance.

As soon as the deposited check clears; usually 3 to 7 days.

On Monday your checking account balance is $200. On Tuesday you deposit a $500 check. When can you withdrawal $400 cash?

False

Service Charge appears on the statement at the end of the month are added to your checkbook balance.

Stop payment order; Certified check; Bounced check/check returned for insufficient funds.

Service charges or fees for use:

Blank Endorsement

Simplest, consists of only the signature of the "payee".

Restrictive Endorsement

States "for deposit only" means that the check must be deposited into your account; completely safe; maybe required for mobile deposits.

"Payee"

The individual whose name appears after "Pay to the Order of" is known as...

Reconcile

To make bank statement balance with your checkbook balance.

"Endorse"

To sign a check, not print your name.

Endorse

To sign your name on the back of a check payable to you.

True

Unless you add a restrictive phrase like "for deposit only" an endorsed check is the same as cash.

Endorsement in Full

Used to transfer a check to another person or company; no one except the person or company stated "pay to the order of" can cash the check.

True

When signing a check, your signature should match the one filled at the bank when you opened the account.

Call a friend and ask them to wire money to you.

You are on vacation 600 miles from home an your cash is stolen. What should you do to get cash as soon as possible?

Ask for a certified check.

You put an ad in the local paper to sell your car. Someone answered the ad and offered to pay you by check. How can you be sure to get your money if you accept the check?

Check your register to see if you have the cancelled check.

You sent a check to someone three months ago, but you were informed the check was never received. What is the first thing you should do?


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