Basics
Name one piece of information your bank may require from you when opening an account.
Driver's license, Social Security Number, or home address
What do you write on the Payee line of a check?
The person you are writing the check to.
Why is a blank endorsement dangerous?
It turns the check to cash, so anyone can deposit it or cash it.
Your checking account balance is $415.30. You write a check to Jostens Yearbooks for $45. What is your account balance now?
$370.30
A _____ is used to record checks written, debit card transactions, and money deposited.
Check register
Where is the written amount on a check?
The small rectangular box on the right side of the check next to the Payee line.
What does a restrictive endorsement include?
"For deposit only" and your signature underneath
Your account balance is $212.15. You deposit your paycheck of $220.60. What is your account balance now?
$432.75
Debit
What is the fraction on the check? What do you use it for?
The fraction is at the top of the check and is similar to a routing number. You write the top number of the fraction on a deposit slip to identify which check you are depositing.
Checks written but have not been cleared are called _____ checks.
Outstanding
What is the first step in reconciling your bank account?
Checking off everything where your account statement and check register agree.
Increases in cash are in the ____ column of the check register.
Credit
How would I write the legal amount for a check written for $476.89?
Four hundred seventy-six and 89/100
A _____ is used when putting money in your account to notify the banks how much money you are putting in your account.
Deposit slip
What is the second step in account reconciliation?
Adding missing items from your bank statement to the check register.
What is an official signature and why does your bank require one?
Your full legal name, signed on a signature card. The bank will use this to compare your endorsements and signatures to safeguard your account from fraudulent activity.
The routing number is the number on the check in between the vertical line and the colon. It identifies your financial institution.
What does an endorsement in full include?
"Pay to the order of 'Payee'" and your signature underneath.
What is the third step in account reconciliation?
Filling out the reconciliation form