Question 1

Which of the following results in crediting the checkbook balance?

Accepted Answer

A) NSF 
B) Service charge 
C) Interest earned 
D) Overdraft protection charge 
E) None of these 
A) NSF 
B) Service charge 
C) Interest earned 
D) Overdraft protection charge 
E) None of these

Question 2

Using the info provided, determine the statement balance.
$\begin{array} { r r } 
\text { Balance last statement: } & \$ 3,371.12 \
\text { Checks processed: } & 1,214.44 \
\text { Deposits received: } & 60.00 \
\text { Service charge: } & 10.20 \
\text { Statement balance: } & ?
\end{array}$

Accepted Answer

Statement

Question 3

David had the following activity with his checking account during the month of July: Starting checkbook balance of $701.13
• July 15 electronic payroll deposit of $1,807.44
• Online payment of $109.17 to Ameren Utilities
• Online payment of $104.00 to Gas Company
• Checks written on July 15 totaling $984.15
• On July 27, he received an electronic payroll deposit of $1,807.43
What was David's checkbook balance as of July 31?

Accepted Answer

($701.13 + $1,807.44

Question 4

Match the following terms with their definitions.
-Bank reconciliation

Accepted Answer

A) Document that records deposit 
B) Added to bank balance 
C) Used in mobile banking 
D) Automatic teller machines 
E) One to receive amount of check
F)Bank adds to your account
G)Record keeping device
H)Bounced check
I)Check must be deposited to payee's account
J)A report sent by bank
K)Total credit card sales minus credit accounts
L)Identifies to whom check is to be transferred
M)Bank is charging your account
N)No restrictions
O)One who writes a check
P)Eliminates the use of paper checks
Q)Signing back of checks
R)Comparing bank balance to checkbook balance
S)Not processed by bank yet 
A) Document that records deposit 
B) Added to bank balance 
C) Used in mobile banking 
D) Automatic teller machines 
E) One to receive amount of check
F)Bank adds to your account
G)Record keeping device
H)Bounced check
I)Check must be deposited to payee's account
J)A report sent by bank
K)Total credit card sales minus credit accounts
L)Identifies to whom check is to be transferred
M)Bank is charging your account
N)No restrictions
O)One who writes a check
P)Eliminates the use of paper checks
Q)Signing back of checks
R)Comparing bank balance to checkbook balance
S)Not processed by bank yet

Question 5

An endorsement may be in writing or by the use of a company stamp.

Accepted Answer

A) True 
 B)False

Question 6

Calculate the statement balance:
 $$\begin{array} { | c | c | c | c | c | } 
\hline \begin{array} { c } 
\text { Balance of last } \
\text { Statement }
\end{array} & \begin{array} { c } 
\text { Checks } \
\text { Processed }
\end{array} & \begin{array} { c } 
\text { Deposits } \
\text { Received }
\end{array} & \begin{array} { c } 
\text { Service } \
\text { Charge }
\end{array} & \begin{array} { c } 
\text { Balance this } \
\text { Statement }
\end{array} \
\hline \$ 1,871.44 & \$ 891.85 & \$ 160.50 & \$ 14.11 & ? \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the statement balance:
 \[\begin{array} { |...

Question 7

Bill Morse had a balance of $422.88 in his check register. The bank notified him that Alice Wrong had insufficient funds to cover her check that Bill deposited. The bank indicated that Bill's bank balance was being reduced. Bill felt that this was unfair since he never "bounces" his own checks. Is he justified? Please explain.

Accepted Answer

It is bank policy to

Question 8

The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed interest earned of $77 and a service charge of $38.22, along with a deposit in transit of $9,555.88. Outstanding checks totaled $6,142.88. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $6,815.00. Lester Co. forgot to deduct a check for $482.19 during the month. The reconciled balance is:

Accepted Answer

A) $7,924.14 
B) $7,429.18 
C) $7,294.14 
D) $7,429.14 
E) None of these 
A) $7,924.14 
B) $7,429.18 
C) $7,294.14 
D) $7,429.14 
E) None of these

Question 9

Match the following terms with their definitions.
-Debit memo

Accepted Answer

A) Document that records deposit 
B) Added to bank balance 
C) Used in mobile banking 
D) Automatic teller machines 
E) One to receive amount of check
F)Bank adds to your account
G)Record keeping device
H)Bounced check
I)Check must be deposited to payee's account
J)A report sent by bank
K)Total credit card sales minus credit accounts
L)Identifies to whom check is to be transferred
M)Bank is charging your account
N)No restrictions
O)One who writes a check
P)Eliminates the use of paper checks
Q)Signing back of checks
R)Comparing bank balance to checkbook balance
S)Not processed by bank yet 
A) Document that records deposit 
B) Added to bank balance 
C) Used in mobile banking 
D) Automatic teller machines 
E) One to receive amount of check
F)Bank adds to your account
G)Record keeping device
H)Bounced check
I)Check must be deposited to payee's account
J)A report sent by bank
K)Total credit card sales minus credit accounts
L)Identifies to whom check is to be transferred
M)Bank is charging your account
N)No restrictions
O)One who writes a check
P)Eliminates the use of paper checks
Q)Signing back of checks
R)Comparing bank balance to checkbook balance
S)Not processed by bank yet

Question 10

Concord Pizza's checkbook balance is $1,799.59. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50. With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

Accepted Answer

A) $793 
B) $1,027.59 
C) $2,046.35 
D) $2,071.35 
E) None of these 
A) $793 
B) $1,027.59 
C) $2,046.35 
D) $2,071.35 
E) None of these

Question 11

John Mills has asked you to compute his checkbook balance from the following:
 $$\begin{array} { l r } 
\text { Note collected by bank } & \$ 1,010.25 \
\text { NSF } & 825.00 \
\text { Checks outstanding } & 2,020.20 \
\text { Service charge } & 42.80 \
\text { Credit card expense charge } & 55.00 \
\text { Beg. checkbook balance } & 4,255.88
\end{array}$$

Accepted Answer

The answer of John Mills has asked you to compute...

Question 12

Overdraft protection could be a positive factor if a deposit in transit occurs.

Accepted Answer

A) True 
 B)False

Question 13

The use of smartphones in banking is decreasing.

Accepted Answer

A) True 
 B)False

Question 14

A full endorsement is as safe as the restrictive endorsement.

Accepted Answer

A) True 
 B)False

Question 15

Match the following terms with their definitions.
-Blank endorsement

Accepted Answer

A) Document that records deposit 
B) Added to bank balance 
C) Used in mobile banking 
D) Automatic teller machines 
E) One to receive amount of check
F)Bank adds to your account
G)Record keeping device
H)Bounced check
I)Check must be deposited to payee's account
J)A report sent by bank
K)Total credit card sales minus credit accounts
L)Identifies to whom check is to be transferred
M)Bank is charging your account
N)No restrictions
O)One who writes a check
P)Eliminates the use of paper checks
Q)Signing back of checks
R)Comparing bank balance to checkbook balance
S)Not processed by bank yet 
A) Document that records deposit 
B) Added to bank balance 
C) Used in mobile banking 
D) Automatic teller machines 
E) One to receive amount of check
F)Bank adds to your account
G)Record keeping device
H)Bounced check
I)Check must be deposited to payee's account
J)A report sent by bank
K)Total credit card sales minus credit accounts
L)Identifies to whom check is to be transferred
M)Bank is charging your account
N)No restrictions
O)One who writes a check
P)Eliminates the use of paper checks
Q)Signing back of checks
R)Comparing bank balance to checkbook balance
S)Not processed by bank yet

Question 16

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. What is the ending balance of the check register?

Accepted Answer

$492.88 + $210 + $49

Question 17

John Small was looking over his bank statement and jotted down the following information:
 $$\begin{array} { l r } 
\text { Beg. checkbook balance } & \$ 202.02 \
\text { Printing charge } & 15.00 \
\text { NSF } & 29.82 \
\text { Outstanding checks } & 60.00 \
\text { Note collected by bank } & 100.00
\end{array}$$ Calculate the ending checkbook balance for John.

Accepted Answer

The answer of John Small was looking over his bank...

Question 18

Calculate the balance carried forward:
 $$\begin{array} { | c | c | c | c | } 
\hline \begin{array} { c } 
\text { Previous Balance } \
\text { Brought Forward }
\end{array} & \text { Deposit(s) } & \text { Amt. of Check } & \begin{array} { c } 
\text { Balance Carried } \
\text { Forward }
\end{array} \
\hline \$ 1,011.88 & \$ 120.99 & \$ 44.10 ; \$ 188.90 & ? \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the balance carried forward:
 \[\begin{array} {...

Question 19

An unrecorded credit memo for collection of a note should be:

Accepted Answer

A) Ignored 
B) Subtracted from checkbook balance 
C) Added to checkbook balance 
D) Added to bank balance 
E) None of these 
A) Ignored 
B) Subtracted from checkbook balance 
C) Added to checkbook balance 
D) Added to bank balance 
E) None of these

Question 20

The beginning checkbook balance of Shelley Co. was $5,559.10. The bank statement showed a bank balance of $7,888.44. The bookkeeper of Shelley Co. noticed a $111.10 deposit in transit along with check numbers 90 and 97 for $499.88 and $1,256.45, respectively, as outstanding. The bank statement credited Shelley's account for $750.99 for a note collected. The bank statement revealed a check printing charge of $66.88. The reconciled balance is:

Accepted Answer

A) $6,423.12 
B) $6,243.21 
C) $6,423.21 
D) $4,623.21 
E) None of these 
A) $6,423.12 
B) $6,243.21 
C) $6,423.21 
D) $4,623.21 
E) None of these

Which of the following results in crediting the checkbook balance?

Using the info provided, determine the statement balance. Balance last statement: \ 3,371.12 Checks processed: 1,214.44 Deposits received: 60.00 Service charge: 10.20 Statement balance: ?

Match the following terms with their definitions. -Bank reconciliation

An endorsement may be in writing or by the use of a company stamp.

Calculate the statement balance: Balance of last Statement Checks Processed Deposits Received Service Charge Balance this Statement \ 1,871.44 \ 891.85 \ 160.50 \ 14.11 ?

Match the following terms with their definitions. -Debit memo

Concord Pizza's checkbook balance is $1,799.59. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50. With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

John Mills has asked you to compute his checkbook balance from the following: Note collected by bank \ 1,010.25 NSF 825.00 Checks outstanding 2,020.20 Service charge 42.80 Credit card expense charge 55.00 Beg. checkbook balance 4,255.88

Overdraft protection could be a positive factor if a deposit in transit occurs.

The use of smartphones in banking is decreasing.

A full endorsement is as safe as the restrictive endorsement.

Match the following terms with their definitions. -Blank endorsement

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. What is the ending balance of the check register?

John Small was looking over his bank statement and jotted down the following information: Beg. checkbook balance \ 202.02 Printing charge 15.00 NSF 29.82 Outstanding checks 60.00 Note collected by bank 100.00 Calculate the ending checkbook balance for John.

Calculate the balance carried forward: Previous Balance Brought Forward Deposit(s) Amt. of Check Balance Carried Forward \ 1,011.88 \ 120.99 \ 44.10;\ 188.90 ?

An unrecorded credit memo for collection of a note should be:

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Life, Fire, and Auto Insurance

Stocks, Bonds, and Mutual Funds

Business Statistics

Filters

Exam 4: Banking

Which of the following results in crediting the checkbook balance?

Using the info provided, determine the statement balance. Balance last statement: \ 3,371.12 Checks processed: 1,214.44 Deposits received: 60.00 Service charge: 10.20 Statement balance: ?

Match the following terms with their definitions. -Bank reconciliation

An endorsement may be in writing or by the use of a company stamp.

Calculate the statement balance: Balance of last Statement Checks Processed Deposits Received Service Charge Balance this Statement \ 1,871.44 \ 891.85 \ 160.50 \ 14.11 ?

Match the following terms with their definitions. -Debit memo

Concord Pizza's checkbook balance is $1,799.59. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50. With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

John Mills has asked you to compute his checkbook balance from the following: Note collected by bank \ 1,010.25 NSF 825.00 Checks outstanding 2,020.20 Service charge 42.80 Credit card expense charge 55.00 Beg. checkbook balance 4,255.88

Overdraft protection could be a positive factor if a deposit in transit occurs.

The use of smartphones in banking is decreasing.

A full endorsement is as safe as the restrictive endorsement.

Match the following terms with their definitions. -Blank endorsement

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. What is the ending balance of the check register?

John Small was looking over his bank statement and jotted down the following information: Beg. checkbook balance \ 202.02 Printing charge 15.00 NSF 29.82 Outstanding checks 60.00 Note collected by bank 100.00 Calculate the ending checkbook balance for John.

Calculate the balance carried forward: Previous Balance Brought Forward Deposit(s) Amt. of Check Balance Carried Forward \ 1,011.88 \ 120.99 \ 44.10;\ 188.90 ?

An unrecorded credit memo for collection of a note should be:

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Life, Fire, and Auto Insurance

Stocks, Bonds, and Mutual Funds

Business Statistics

Filters