Assess Yourself
Are you ready to take this lesson's quiz? The questions below will help you find out. Make sure you understand why each correct answer is correct—if you don't, review that part of the lesson.
Which of the following definitions BEST describes a check?
- an exchange of currency between parties at an agreed upon value
- a written and signed document that directs payment from a bank
- an electronic exchange of money using an electronic application
- a printed order of payment using cash that is issued by a bank
A check must be used to make a payment between two parties in written form.
A check must be used to make a payment between two parties in written form.
A check must be used to make a payment between two parties in written form.
A check must be used to make a payment between two parties in written form.
What do you need to show a bank to verify your identity when opening an account?
- government identification and proof of address
- signature card and proof of employment
- opening deposit and a completed bank application
- document showing employment and setting up direct deposit
You will need identification to show the bank who you are and where you live.
You will need identification to show the bank who you are and where you live.
You will need identification to show the bank who you are and where you live.
You will need identification to show the bank who you are and where you live.
Which of the following circumstances might prevent you from opening a checking account online?
- being a citizen of the U.S.
- not having a job
- being under 18
- already having an account
You need to be an adult to open an account; otherwise, you might need to open a joint account with an adult.
You need to be an adult to open an account; otherwise, you might need to open a joint account with an adult.
You need to be an adult to open an account; otherwise, you might need to open a joint account with an adult.
You need to be an adult to open an account; otherwise, you might need to open a joint account with an adult.
What part of a check is used to write the description of why the check is being written.
- signature line
- pay to the order of line
- memo line
- amount written out line
You put the description of the transaction on the bottom left of a written check.
You put the description of the transaction on the bottom left of a written check.
You put the description of the transaction on the bottom left of a written check.
You put the description of the transaction on the bottom left of a written check.
What is the main purpose of using a deposit slip at a bank?
- to withdraw money from a checking account
- to add money to a checking account
- to facilitate electronic funds transfers
- to check the account balance of an account
You use a deposit slip to deposit checks and cash into an account.
You use a deposit slip to deposit checks and cash into an account.
You use a deposit slip to deposit checks and cash into an account.
You use a deposit slip to deposit checks and cash into an account.
Which of the following definitions BEST describes an electronic funds transfer (EFT)?
- a cash payment made between two people
- a check used for payment between two people
- a money order used for payment between two people
- a mobile app used to make a payment between two people
An EFT is a payment made over a digital computer network.
An EFT is a payment made over a digital computer network.
An EFT is a payment made over a digital computer network.
An EFT is a payment made over a digital computer network.
Summary
Questions answered correctly:
Questions answered incorrectly:
