1)A checking account is sometimes also called a:
Asavings account
Bdemand deposit account
Cmoney market account
Dinvestment account
2)An alternative to paper bank statements is:
Aa check register
Ba debit card
Ccomputer software
Dan overdraft notice
3)Extra (unbudgeted) income left at the end of the month should be
Asaved for emergencies.
Bspent immediately.
Cdonated.
Dadded to another category.
4)The most important requirement for opening a checking account is for you to have
Aa job.
Bseveral forms of identification.
Ca relationship with a bank.
Da home.
5)All of the following are true statements about electronic account management EXCEPT:
AAccount holders can use smart phones or computers to see account information.
BIt's far more difficult to manage an account electronically.
CSome online applications allow account holders to categorize expenses paid by check.
DCheck register software is available online.
6)Why was it sometimes difficult to balance a checking account to a statement?
AThe bank statement only came out twice a year.
BChecks written after the statement closing date wouldn't appear on the statement.
CThe check clearing process was instantaneous.
DHand entries in a register were more accurate than electronic ones.
7)A frequently used form of overdraft protection is
Awhen a merchant refuses to accept checks and therefore never has any checks returned.
Bwhen a check is drawn for more than the balance, the rest comes from a savings account.
Cwhen a check is drawn for more than the balance, the rest comes from a credit card account.
Dwhen a bank closes an account.
8)When an account holder uses a debit card to pay for a purchase at the point of sale,
Amoney is immediately taken out of the checking account.
Ba credit card is charged for the purchase, for which payment is due at the end of the month.
Cmoney is deducted from the balance on the debit card.
Dthe account holder does not need to record the amount of the purchase in his or her check register.
9)A personal identification number (PIN) is used to protect:
Achecks
Bdeposit slips
Cdebit cards
Dcheck registers
10)Computer technology has made managing a checking account:
Aeasier
Bharder
Cmore time-consuming
Dimpossible
Asavings account
Bdemand deposit account
Cmoney market account
Dinvestment account
Aa check register
Ba debit card
Ccomputer software
Dan overdraft notice
Asaved for emergencies.
Bspent immediately.
Cdonated.
Dadded to another category.
Aa job.
Bseveral forms of identification.
Ca relationship with a bank.
Da home.
AAccount holders can use smart phones or computers to see account information.
BIt's far more difficult to manage an account electronically.
CSome online applications allow account holders to categorize expenses paid by check.
DCheck register software is available online.
AThe bank statement only came out twice a year.
BChecks written after the statement closing date wouldn't appear on the statement.
CThe check clearing process was instantaneous.
DHand entries in a register were more accurate than electronic ones.
Awhen a merchant refuses to accept checks and therefore never has any checks returned.
Bwhen a check is drawn for more than the balance, the rest comes from a savings account.
Cwhen a check is drawn for more than the balance, the rest comes from a credit card account.
Dwhen a bank closes an account.
Amoney is immediately taken out of the checking account.
Ba credit card is charged for the purchase, for which payment is due at the end of the month.
Cmoney is deducted from the balance on the debit card.
Dthe account holder does not need to record the amount of the purchase in his or her check register.
Achecks
Bdeposit slips
Cdebit cards
Dcheck registers
Aeasier
Bharder
Cmore time-consuming
Dimpossible
