NAME: ________________________

POB Unit 4 Understanding the Banking System Test

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5 Written Questions

5 Matching Questions

  1. cashier's checks
  2. joint account
  3. outstanding checks
  4. safe deposit boxes
  5. bank reconciliation
  1. a document created to show how the bank statement and your check register are brought into balance (equal one another)
  2. b checks that have not been deducted from the bank statement balance
  3. c banks offer these for storage of valuables
  4. d when 2 or more people have an account together
  5. e a check that a bank draws on its own funds; it costs the purchaser the amount of the check plus a fee

5 Multiple Choice Questions

  1. written evidence that you received payment or that you transferred your right of receiving payment to someone else
  2. limits the use of the check to the purpose given in the endorsement
  3. the owner of the account who signs the check
  4. protects depositor's money in case of the failure of a bank; up to $250,000.00
  5. the bank or other financial institution that pays the check

5 True/False Questions

  1. certified checka personal check for which a bank has guaranteed payment

          

  2. commercial banka personal check for which a bank has guaranteed payment

          

  3. blank endorsementwritten evidence that you received payment or that you transferred your right of receiving payment to someone else

          

  4. payeethe bank or other financial institution that pays the check

          

  5. check registera separate book, usually the same size as the checkbook, used for recording account activities

          

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