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Managing a Bank Account Tracking Your Money

Test Review. Managing a Bank Account Tracking Your Money. 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?. Reconcile.

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Managing a Bank Account Tracking Your Money

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  1. Test Review Managing a Bank AccountTracking Your Money

  2. 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?

  3. Reconcile

  4. What is a computer terminal used to conduct business with a financial institution or purchase items such as postage stamps or transportation tickets?

  5. Automated Teller Machine

  6. What is known as a cash machine?

  7. Automated Teller Machine

  8. What is money that is added to your checking account?

  9. Deposit

  10. What is a plastic card that provides access to electronic funds transfer (EFT) from an automated teller machine (ATM)?

  11. Debit Card

  12. What card is used at a point-of-sale terminal?

  13. Debit Card

  14. True/FalseYou reconcile your bank statement to determine if there are any discrepancies in your records.

  15. True

  16. True/FalseA debit card is the same as a credit card

  17. False

  18. True/FalseA debit card charges interest on all transactions.

  19. False

  20. A debit card is the same as a check – only in plastic form.

  21. True

  22. What is a written order directing a bank or credit union to pay a person or business a specific sum of money?

  23. Check

  24. True/FalseYou should write the cents of the amount of the check in the small space that starts with the dollar sign as a fraction.

  25. True

  26. True/FalseWhen using a debit card, it is important to remember to write down all transactions and add them to your account balance.

  27. False

  28. When using a debit card, it is important to remember to write down all transactions and subtract them from your account.

  29. True

  30. What is the first set of numbers at the bottom of your check called?

  31. Check Routing Numbers

  32. What do the check routing numbers tell a computer?

  33. Which bank the check is from

  34. True/FalseThe primary purpose of a check or debit card is to replace cash so the government has a record of your activities.

  35. False

  36. True/FalseThe 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.

  37. True

  38. True/FalseWriting a check for insufficient funds can be easily avoided if you do not use an ATM

  39. False

  40. What is a check written for insufficient funds known as?

  41. Hot Check

  42. True/FalseWriting a check for insufficient funds can result in expensive fees, fines, even jail time if convicted

  43. True

  44. What is a legal document that must be filled in correctly to be honored by a bank or business?

  45. Check

  46. True/FalseWhen you receive your monthly bank statement, it is recommended that you use it to reconcile your checking account.

  47. True

  48. What is a written document ordering a financial institution to transfer money from your account to someone else

  49. check

  50. It does matter what date you write on the date line of a check because it is a legal document.

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