Checking Simulation
Provide an example of a Checking Account transaction.
Check, Deposit, Debit Card, Withdrawal, Service Fee, Overdraft Fee
What dose it mean to endorse a check?
To sign it on the back.
Provide an example of a transaction that decreases your account balance.
Check, debit card transaction, online transactions, ATM or fees.
What is it called when you put money into your account?
Deposit
Who is the richest person in the world currently?
Elon Musk
Where should you record all of your checking account transactions?
Check Register.
What is a blank endorsement?
Provide an example of a transaction that increases your account balance.
Deposit - checks, cash, online transfer.
In banking, what is a "withdrawal" ?
When you take money out of your account.
What is the largest company in the world?
Nvidia
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 deposit only - and then sign. Can only be deposited into your account.
What does ATM stands for?
Automated Teller Machine
Give an example of a debit transaction on a bank account.
writing a check, paying for something with your debit card, having a bill paid by automatic withdrawal
What was deposited in banks before paper money and checks existed?
Gold coins
What are reasons for differences between your "Check Register" and your "Bank Statement"? Provide at least one.
Outstanding Checks
Outstanding Deposits
Fees and Service Charges
Interest added to your account
What is an "outstanding check" ?
Check which was written, but has not cleared the bank yet.
Name another kind of bank account, besides a checking account.
savings account, certificate of deposit (CDs), money market accounts, individual retirement accounts (IRAs)
A check register balance if kept daily is always the most accurate.
True or False?
True - It includes all checks written and deposits.
What is the most populous country in the world?
India
What period of time does a bank statement cover?
One month
What is a "Full Endorsement"?
“Pay to the Order of”, the bank's name, and then your signature
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.
What happens when your check bounces?
You do not have enough money in the bank account, you will be fined a fee.
What does FDIC mean?
It stands for the Federal Deposit Insurance Corporation. It is a government agency which insures each bank account up to $250,000.