Understanding Checks and Bank Accounts (Grades 11-12)
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Understanding Checks and Bank Accounts
Instructions: Select the correct answer to each question.
1.
An arrangement made with a financial institution for investment, depositing and withdrawing money, and possibly receiving interest.
- Savings Account
- Debit Card
- Account
- Register
2.
A bank account that accrues interest in exchange for use of the money on deposit.
- Savings Account
- Checking Account
- Credit History
- Investment
3.
An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.
- Service Charge
- Mortgage
- Deposit Slip
- Check Register
4.
This type of account is usually limited in number of withdrawals or deposits per month.
- Checking
- Savings
- Credit
- Personal
5.
A transactional deposit account that allows for deposits and withdrawals.
- Savings
- Checking
- Credit
- Business Savings
6.
The 9 digit code on the left hand side at the bottom of your check is the:
- Opening Date
- Check Number
- Routing Number
- Account Number
7.
The routing number on the check is a code that indicates the:
- type of account.
- location where the account was opened.
- account number.
- number of withdrawals allowed.
8.
The account number on a check is found:
- at the bottom right side.
- at the bottom left side.
- along the top right.
- along the top left.
9.
The check number appears on the check:
- 1 time.
- 2 times.
- 3 times.
- It does not appear.
10.
When writing a check, it is important to write in the correct name of the business, company, or person you are paying:
- because it is polite.
- so the bank will accept the check.
- for your records.
- for legibility.
11.
The amount of the check is written in:
- numerical form.
- written form.
- neither form.
- both numerical and written.
12.
The memo at the bottom of the check can be for:
- account numbers.
- a note to yourself.
- a note to those receiving the check.
- all of the above
13.
An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.
- Service Charge
- Mortgage
- Deposit Slip
- Check Register
14.
To sign, as the payee, the back of a check before cashing, depositing, or giving it to someone else.
- Refinance
- Endorse
- Credit
- Personal Signature
15.
An account where assets can be converted to cash and withdrawals and deposits occur quickly are:
- liquid accounts.
- investments.
- stocks.
- bonds.
16.
The fee paid by the borrow or account holder to the institution for using their assets.
- Fixed Rate
- Interest
- Fixed Interest
- Debit Fee
17.
A minor cannot open a checking account unless:
- they invest $50.00.
- they have a direct deposit paycheck.
- a parent is on the account.
- they have a driver's license.
18.
Writing a check for more money than the account holds (and will most likely result in fees) is:
- credit.
- an overdraft
- deposit
- wise.
19.
Explain why it is important to use a check register or spreadsheet with your checking and savings accounts.
20.
Before the bank can process a check, it must be signed. Explain who signs the check and where their signatures should be placed.
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