Managing Your Personal Finances 7th Edition by Joan S. Ryan - Test Bank Instant Download - Complete Test Bank With Answers Sample Questions Are Posted Below 1. A canceled check is one that has been processed by the bank. a. True b. False ANSWER: True 2. Floating a check …
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Managing Your Personal Finances 7th Edition by Joan S. Ryan – Test Bank
Instant Download – Complete Test Bank With Answers
Sample Questions Are Posted Below
1. A canceled check is one that has been processed by the bank.
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2. Floating a check is illegal in most states.
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3. Writing a future date on a check is called postdating.
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4. Paying bills online is generally considered slower and riskier than writing checks.
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5. When depositing a check into your account, you should write the check’s ABA number on the deposit slip.
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6. The column headed by a check mark in a checkbook register is provided so you can make a note of your checks that have bounced.
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7. You should reconcile your checking account as soon as you receive your bank statement.
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8. A check cannot be cashed until it has been reconciled.
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9. A joint checking account can be opened by two or more people.
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10. A money order can never bounce.
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11. Debit card transactions do not need to be recorded in your checkbook register.
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12. For safety, do not carry your PIN in written form; instead, commit it to memory.
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13. The usual reason for a stop-payment order is that the check has been lost or stolen.
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14. You can purchase or sell savings bonds at most full-service banks.
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15. FDIC insurance protects the deposits of customers against loss up to $1,000,000 per account.
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16. The person to whom a check is payable is called the
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17. When a check is returned to the payee’s bank due to insufficient funds, the check is said to have
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18. When you open a checking account, most banks will require you to have an initial deposit of at least
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19. Which part of a check provides a place for you to write the purpose of the check?
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20. Darren writes a check to the phone company for $45.60. He should record this amount in his checkbook register in the
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21. A check is written to Taylor Thomas. On the back of the check, Taylor writes “Pay to the order of Rose Dryer,” then signs his name. What kind of endorsement is this?
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22. An interest-bearing checking account that pays a higher rate of interest than a usual account, but typically has more restrictions, is called a
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23. A check written by a bank on its own funds is called a
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24. A request that a bank not honor a specific check is called a(n)
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25. A person or institution that manages property for the benefit of someone else under a special agreement is called a(n)
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26. A(n) __________ is a written order to a bank to pay the amount stated to the person or business named on it.
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27. A checking account is also called a(n) __________ deposit, because the money may be withdrawn at any time.
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28. A check written for more money than your account contains is called a(n) __________.
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29. A booklet used to record checking transactions is called a checkbook __________.
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30. A(n) __________ endorsement is the signature of the payee written exactly as his or her name appears on the front of the check.
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31. A personal check that the bank guarantees to be good is called a(n) __________ check.
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32. A(n) __________ card is a plastic card that allows immediate deductions from a checking account to pay for purchases.
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33. With __________ protection, your checks will be covered even if you have insufficient funds in your checking account.
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34. Financial institutions offer customers a(n) __________ box to store valuable items or documents.
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35. A(n) __________ verifies a person’s identity, witnesses the person’s signature on a legal document, and then “notarizes” the signature as valid.
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36. Marti begins the month with a checking account balance of $700. She writes three checks: one for $43.50, one for $90.00, and one for $250.00. She makes one deposit, for $300. Her bank charges her a $0.20 fee for each check she writes. She also pays a monthly account fee of $5.00. What is the balance of Marti’s account at the end of the month?
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37. Ted begins the month with a checking account balance of $1,400. He writes five checks: one for $350.45, one for $200.01, one for $11.53, one for $68.10, and one for $177.37. He makes two deposits, each for $450. His bank charges him a $0.25 fee for each check she writes. He also pays a monthly account fee of $5.00. What is the balance of Ted’s account at the end of the month?
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38. Suppose your bank charges you a monthly fee of $8.00 plus 15 cents for each check you write. If you write three checks every month, how much will you pay your bank in fees over the course of one year?
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39. Gary purchased two money orders from his bank: one for $41.50 and one for $32.65. Each money order cost one dollar. What is the total amount Gary spent at the bank?
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40. Erin does not have to pay a fee if she uses her own bank’s ATM, but she must pay a $2.00 fee if she uses another bank’s ATM. If Erin makes 76 ATM transactions over the course of a year, and 25 percent of them are at another bank’s machine, how much will she pay in ATM fees?
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41. What does it mean to float a check?
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42. What is an ABA number? Explain the two parts of an ABA number.
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43. What is bank reconciliation?
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44. What kinds of services do full-service banks typically offer?
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45. Under what circumstances might a cashier’s check be used?
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46. What is electronic funds transfer (EFT)?
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47. What is a checking account? Describe several advantages of a checking account.
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48. Describe the two ways you can pay bills online.
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49. The balance your checkbook register shows will not always match the ending balance shown on your bank statement. Why not?
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50. What is the best way to avoid banking fees?
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