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Banking in Today's World
Checks
Know your Terms
Bank Accounts
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100
A means of performing banking services via the Internet.
What is e-banking?
100
A check that is limited in the amount written on it and the time during which it may be presented for payment. Often used for payroll or insurance checks.
What is a limited check?
100
A bank or facility on which a check is drawn or written?
What is a drawee?
100
An account in a banks in which checks can be written.
What is a checking account?
100
This is a type of insurance to protect business establishments from embezzlement or other financial loss caused by employees who handle large sums of money.
What is bonding?
200
This is a customer-oriented innovation that is emerging through the wireless technology market.
What is m-banking?
200
These are sold by banks, some stores, and the U.S. Postal Service. Often used to pay bills by mail when a person does not have a checking account.
What are money orders?
200
The person who writes a check in favor of the payee.
What is a payer?
200
A capital sum of money due as a deby or used as a fund for which interest is either charged or paid.
What is a principal?
200
True or False A disadvantage of e-banking is learning the software?
What is true?
300
What was created by Congress, to provide the nation with a safer, more flexible, and stable monetary and financial system.
What is the federal reserve?
300
This is a bank's own check drawn on itself and signed by the bank cashier orother authorized official. This is also known as an officer's or treasurer's check.
What is a cashier's check?
300
The person who signs his or her name on the back of a check for the purpose of transferring title to another person.
What is an endorser?
300
An account that draws interest. It allows specified number of checks to be written per month. Such checks are written to transfer funds to a checking account.
What is a money market account?
300
The country is divided into this many Federal Reserve Districts.
What is 12?
400
The process of proving that a bank statement and checkbook balance are in agreement.
What is reconciliation?
400
These are designed for people who are traveling, because personal check may not be accepted or carrying a large amount of cash might be inadvisable.
What is a traveler's check?
400
The person named on a draft or check as the recipient of the amount shown.
What is a payee?
400
True or False A stop-payment order can protect the payor from loss resulting from stolen, lost, or incorrectly drawn checks.
What is true?
400
With this type of endorsement, the payee signs only his or her name. This makes the check payable to the bearer. It is the simplest and most common type of endorsement on personal checks.
What is a blank endorsement?
500
A unified set of rules covering many business transactions; it has been adopted in all 50 states, the District of Columbia, and most U.S. territories. It regulates the fields of sales of goods; commercial paper, such as checks; secured transactions in personal property; and particular aspects of banking, letters of credit, warehouse receipts, and investment securities.
What is Uniform Commercial Code?
500
What type of check has a detachable portion of the check which is removed before the check is presented for payment, that provides a record for the payee.
What is a voucher check?
500
An individual, a corporation, or legal party who signs a check or any type of negotiable instrument.
What is a maker?
500
True or False The prevalent use of the Internet has made banking by mail obsolete.
What is false?
500
The part of the check that remains in the book after the check has been written and removed. It serves as the depositor's own record of checks written.
What is a checkbook stub?