Business Math Banking Quiz

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1. Question: When opening a checking account, the authorized signer(s) must sign a check stub, which is kept on record at the bank Your Answer: True False CORRECT Points Received: 2 of 2 2. Question: When a checking account is opened, the person(s) who will be writing checks must sign a: Your Answer: check register check stub signature card CORRECT deposit slip none of the above Points Received: 2 of 2 3. Question: The one who writes the check is known as the: Your Answer: payee endorsee maker CORRECT drawee none of the above Points Received: 2 of 2 4. Question: When completing a check stub, to arrive at the ending balance, take the beginning balance and: http://gradebook.ecollege.com/Manager/GradeD...06X$23j36$25IK&NewTS=False&Locale=&TimeZone= (1 of 4) [11/19/2009 3:10:15 PM] Gradebook Detail Your Answer: add the deposit and the check subtract the check and add the deposit CORRECT subtract the check and the deposit add the check and subtract the deposit all of the above Points Received: 2 of 2 5. Question: Before a check can be deposited or cashed, it must be: Your Answer: approved verified restricted endorsed CORRECT none of the above Points Received: 2 of 2 6. Question: Writing the words "For Deposit Only" along with your checking account number on the back of a check is called a: Your Answer: qualified endorsement restricted endorsement CORRECT pure endorsement simple endorsement all of the above Points Received: 2 of 2 7. Question: The amount a bank charges if someone writes you a check, but does not have the necessary money in the bank to cover it, is termed a(n): Your Answer: statement charge ATM charge returned check fee CORRECT NSF charge all of the above Points Received: 2 of 2 8. Question: The one who is authorizing the payment of the check is: Your Answer: payee payer maker INCORRECT none of the

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