6.4 Checking Quiz

At the end of every year, before you can file your taxes, your employer must send you this form. W-2 form FICA Gross income Net income W-4 form

This abbreviation represents social security payments taken on a paycheck. W-2 form FICA Gross income Net income W-4 form

This is the income you receive after all the deductions have been taken from your paycheck. W-2 form FICA Gross income Net income W-4 form

What is another term for a bounced check? Net income Check account Non-sufficient funds (NSF) Endorsements Withdrawal

If an intro account that allows you to withdraw and deposit money using a check, a debit card, or ATM card is a _____ account. Cashier's Checking Traveler's Endorsement

A type of check that you can purchase for a fee from banks or travel agencies is a ________. Cahsier's check Traveler's check Bank check Money order

To reconcile a checking account, you have to make sure your check register and the bank's statement agree on how much is in the account. False True

Choose the endorsement that is representative of the example: Jilly Flower 134 263 894 Blank endorsement Restrictive endorsement Special endorsement

Choose the endorsement that is representative of the example: For Deposit Only Jilly Flower 134 263 894 Blank endorsement Restrictive endorsement Special endorsement

What is the balance after check 304 is entered? $242.50 $15.00 $-33.00 $158.53

On Janurary 19, a payroll check is automatically deposited. What is the current balance? $40.00 $208.53 $242.50 $158.53

The outstanding checks total ________. $158.53 $246.53 $48.00 $914.47

Subtracting line 5 from 4 on the reconciliation form should equal: $158.53 $246.53 $88.00 $914.47

The amount of checks or debits listed on the January bank statement is______________. $158.53 $246.56 $88.00 $954.47

All banks offer the following service: On-line checking Person to person tellers Phone checking Deposits and withdrawals

When you use you debit card to get cash you have: Deposited money in your checking account Withdrawn money from your checking account Added to your checking balance Reconciled your checking account

Public Wi-Fi should never be used when you are: Reading movie reviews on the web Using personal information to complete a transaction Looking at a menu for a restaurant Watching YouTube videos

If you sign a check and don't fill anything else out on it: It is an invalid check It is a blank check for any amount and can be cashed by anyone It is void It is a conditional endorsement

A check register allows you to: Keep track of the interest paid on your account Automatically record your debit card purchases Record the date and amount of each transaction you make every time you make one Automatically record your deposits

The balance in your checkbook: Is only correct if you record all transactions made by you and your bank Never needs to be reconciled Is always mathematically correct Is not important

If you write "Pay to the order of Jane Doe" and sign your name on the back of your check, it is considered: A restrictive endorsement A blank endorsement A special endorsement Not an endorsement

An advantage of using a debit card is: You can build up your credit You don't have to record a transaction fee each time you use it to know your balance If you buy defective goods you can get your money back because you used your debit card You have a personal PIN number for added safety if card is stolen

When using debit cards always remember: Money is available immediately after depositing it If the card is lost or stolen and not insured by the FDIC your funds are not protected There are never any annual or personal fees for using the card Debit cards can be a way to learn to manage money if used responsibly

A credit report: Never needs to be verified Record only negative reports, late payments, overdrawn accounts, etc. Will not determine what kind of car you can drive and what you can buy Determines your credit score, a summary of your past and current credit usage predicting your future credit performance

All checks shown in your check register but not on the bank account statement are called: Blank checks Debits Credit cards Outstanding checks