Focused on Finances Checking Account Assessment - Charter Oak ...

7. When should you list debits and credits in your checkbook register?A. Every time you make a transactionB. Monthly8. When is it appropriate to write a postdated check?A. When you know the funds will be in the account on a specific dateB. Writing a postdated check is never recommended9. To stay on top of your account, you should reconcile your checkbook:A. At least once a monthB. Never10. Under what circumstances may you be held responsible for repayment of a check thathas been fraudulently cashed?A. If you fail to notify the financial institution in a timely manner that a check was lost orstolenB. Never - state law protects consumers from being responsible for forged checks11. Adopting this money management technique can help you from overdrawing youraccount:A. Know your net income and when you are paidB. Count on "float" time to help you when there isn't enough money in your account to coverchecks you write12. If you use a debit card:A. Money is immediately taken out of your checking accountB. The amount is deducted from your checking account at a specific time each month13. You want to deposit a check into your checking account. You should:A. Endorse the check with your signatureB. Endorse the check with your signature and account number

14. To keep track of the checks you write, make sure you always record:A. The date the check was cashedB. What the check was for, the dollar amount, and the date you wrote it.Section 11. Matching - write the correct letter of the word on the line that matches the definitionA. PIN ____ A for profit company, owned by investorsin its stock.B. Insufficient funds or overdraft fees ____ an account which allows the holder to writechecks against deposited funds.C. Returned check fees ____ Instead of drawing on a line of credit, theyact like a check, deduction the amount of yourpurchase from your checking account.D. Stop Payment fees ____ a place to deposit money you don’t plan tospend right away.E. Credit union ____ A total of your deposits, withdrawals, andinterest earned over a given period of time.F. Debit cards ____ when you ask your financial institution tostop a check drawn on your account from beingcashed.G. Statement ____ Financial institutions owned by theircustomers, who are also called members.H. Savings account ____ if a check deposited into your account isreturned for insufficient funds.I. Bank ____personal identification number.J. Checking Account ____ when you write a check but don’t haveenough money in your account to cover it.