Checking Simulation
Provide an example of a Checking Account transaction.
Answers will vary.
What dose it mean to endorse a check?
To sign it in the back.
Provide an example of a "debit" transaction.
Check, debit card transaction, online transactions, ATM or fees.
What is it called when you put money into your account?
Deposit
Who won the 2021 NBA Championship?
Milwaukee Bucks
Where should you record all of your checking account transactions?
Check Register.
Blank endorsement?
Sign only.
Provide an example of a "credit" transaction.
What is a "withdrawal" ?
When you take money out of your account.
Largest city in the US by population?
NYC - 8.2 Million
What is a deposit slip?
Slip used to record and fill in all of our deposits into our bank account.
What is a "Restrictive Endorsement"?
For deposits only - and then sign. Can only be deposited into your account.
What does ATM stands for?
Automated Teller Machine
When do you sign your "deposit slip"?
When depositing a check and taking money out in the same transaction.
Who invented the light bulb?
Thomas Edison
Reasons for differences in "Check Register" and "Bank Statement"? Provide at least one.
Outstanding Checks - can take 3-7 days for checks to clear your account
Deposits - can take 3-7 days for the check you deposited to be cleared
Fees - Service charges and ATM fees are not always recorded in your check register until you see your account statement.
What is an "outstanding check" ?
Check which was written, but has not cleared yet.
Checking account is the most liquid and has high interest? T or F
False - Checking account is the most liquid, but earns no interest.
Check register balance if kept daily is always the most accurate. T or F
True - It includes all checks written and deposits. The balance can be delayed.
Which is currently the richest company in the world?
Apple
Explain the process of "Reconciliation" of your bank account.
Compare your check register to your bank statement and record any missing transaction. Calculate the current balance by adding and subtraction all of the debit & credit transactions.
Full endorsement, example?
“Pay to the Order of”, the person's name, and then your signature (transfer check to another person).
Why it is important to keep a check register instead of just looking at your bank statement online?
Check register balance is always the most accurate! It includes all checks written and deposits. The balance can be delayed.
What happens when your check bounces?
You do not have enough money in the bank account, you will be fined a fee.
What is the second largest country in the world? By territory.
Canada