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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.
  1. Savings Account
  2. Debit Card
  3. Account
  4. Register
 
2. 
A bank account that accrues interest in exchange for use of the money on deposit.
  1. Savings Account
  2. Checking Account
  3. Credit History
  4. Investment
3. 
An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.
  1. Service Charge
  2. Mortgage
  3. Deposit Slip
  4. Check Register
 
4. 
This type of account is usually limited in number of withdrawals or deposits per month.
  1. Checking
  2. Savings
  3. Credit
  4. Personal
5. 
A transactional deposit account that allows for deposits and withdrawals.
  1. Savings
  2. Checking
  3. Credit
  4. Business Savings
 
6. 
The 9 digit code on the left hand side at the bottom of your check is the:
  1. Opening Date
  2. Check Number
  3. Routing Number
  4. Account Number
7. 
The routing number on the check is a code that indicates the:
  1. type of account.
  2. location where the account was opened.
  3. account number.
  4. number of withdrawals allowed.
 
8. 
The account number on a check is found:
  1. at the bottom right side.
  2. at the bottom left side.
  3. along the top right.
  4. along the top left.
9. 
The check number appears on the check:
  1. 1 time.
  2. 2 times.
  3. 3 times.
  4. 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:
  1. because it is polite.
  2. so the bank will accept the check.
  3. for your records.
  4. for legibility.
11. 
The amount of the check is written in:
  1. numerical form.
  2. written form.
  3. neither form.
  4. both numerical and written.
 
12. 
The memo at the bottom of the check can be for:
  1. account numbers.
  2. a note to yourself.
  3. a note to those receiving the check.
  4. all of the above
13. 
An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.
  1. Service Charge
  2. Mortgage
  3. Deposit Slip
  4. Check Register
 
14. 
To sign, as the payee, the back of a check before cashing, depositing, or giving it to someone else.
  1. Refinance
  2. Endorse
  3. Credit
  4. Personal Signature
15. 
An account where assets can be converted to cash and withdrawals and deposits occur quickly are:
  1. liquid accounts.
  2. investments.
  3. stocks.
  4. bonds.
 
16. 
The fee paid by the borrow or account holder to the institution for using their assets.
  1. Fixed Rate
  2. Interest
  3. Fixed Interest
  4. Debit Fee
17. 
A minor cannot open a checking account unless:
  1. they invest $50.00.
  2. they have a direct deposit paycheck.
  3. a parent is on the account.
  4. 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:
  1. credit.
  2. an overdraft
  3. deposit
  4. 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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