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Managing a Bank Account Tracking Your Money Test Review
What is the process of comparing personal bank account records to the bank’s records of that account balance in order to uncover any possible discrepancies?
What is a computer terminal used to conduct business with a financial institution or purchase items such as postage stamps or transportation tickets?
Automated Teller Machine
What is known as a cash machine?
Automated Teller Machine
What is money that is added to your checking account?
What is a plastic card that provides access to electronic funds transfer (EFT) from an automated teller machine (ATM)?
What card is used at a point-of- sale terminal?
True/False You reconcile your bank statement to determine if there are any discrepancies in your records.
True/False A debit card is the same as a credit card
True/False A debit card charges interest on all transactions.
A debit card is the same as a check – only in plastic form.
What is a written order directing a bank or credit union to pay a person or business a specific sum of money?
True/False You should write the cents of the amount of the check in the small space that starts with the dollar sign as a fraction.
True/False When using a debit card, it is important to remember to write down all transactions and add them to your account balance.
When using a debit card, it is important to remember to write down all transactions and subtract them from your account.
What is the first set of numbers at the bottom of your check called?
Check Routing Numbers
What do the check routing numbers tell a computer?
Which bank the check is from
True/False The primary purpose of a check or debit card is to replace cash so the government has a record of your activities.
True/False The primary purpose of a check or debit card is to make it easier for people to buy goods and services, pay bills, and make other financial transactions.
True/False Writing a check for insufficient funds can be easily avoided if you do not use an ATM
What is a check written for insufficient funds known as?
True/False Writing a check for insufficient funds can result in expensive fees, fines, even jail time if convicted
What is a legal document that must be filled in correctly to be honored by a bank or business?
True/False When you receive your monthly bank statement, it is recommended that you use it to reconcile your checking account.
What is a written document ordering a financial institution to transfer money from your account to someone else
It does matter what date you write on the date line of a check because it is a legal document.
True/False All you have to do is sign the check and it is considered a legal document.
True/False A check must be filled out completely and correctly be to considered a legal document.
Checks & Payment Methods Ch PoB The First Deposit Starts with providing personal data and a sample of your signature Signature Card – document.
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