1)A checking account is sometimes also called a:
A. savings account
B. demand deposit account
C. money market account
D. investment account
2)An alternative to paper bank statements is:
A. a check register
B. a debit card
C. computer software
D. an overdraft notice
3)Extra (unbudgeted) income left at the end of the month should be
A. saved for emergencies.
B. spent immediately.
C. donated.
D. added to another category.
4)The most important requirement for opening a checking account is for you to have
A. a job.
B. several forms of identification.
C. a relationship with a bank.
D. a home.
5)All of the following are true statements about electronic account management EXCEPT:
A. Account holders can use smart phones or computers to see account information.
B. It's far more difficult to manage an account electronically.
C. Some online applications allow account holders to categorize expenses paid by check.
D. Check register software is available online.
6)Why was it sometimes difficult to balance a checking account to a statement?
A. The bank statement only came out twice a year.
B. Checks written after the statement closing date wouldn't appear on the statement.
C. The check clearing process was instantaneous.
D. Hand entries in a register were more accurate than electronic ones.
7)A frequently used form of overdraft protection is
A. when a merchant refuses to accept checks and therefore never has any checks returned.
B. when a check is drawn for more than the balance, the rest comes from a savings account.
C. when a check is drawn for more than the balance, the rest comes from a credit card account.
D. when a bank closes an account.
8)When an account holder uses a debit card to pay for a purchase at the point of sale,
A. money is immediately taken out of the checking account.
B. a credit card is charged for the purchase, for which payment is due at the end of the month.
C. money is deducted from the balance on the debit card.
D. the account holder does not need to record the amount of the purchase in his or her check register.
9)A personal identification number (PIN) is used to protect:
A. checks
B. deposit slips
C. debit cards
D. check registers
10)Computer technology has made managing a checking account:
A. easier
B. harder
C. more time-consuming
D. impossible