Deck 4: Bank Services

Question 1

What amount is missing from the check register?

A) $1,545.39
B) $2,775.01
C) $3,045.39
D) $3,054.39

Answer 1

C

Question 2

Marcia has a checkbook balance of $824.67. She has not recorded these ATM withdrawals: $20, $100, $60, and $40. She was also charged a total of $6.50 in ATM fees. What should her checkbook balance be?

A) $604.67
B) $598.17
C) $591.67
D) $498.17

Answer 2

B

Question 3

What is a paper check that is changed to an EFT called?

A) digital check image
B) automatic payment
C) converted check
D) dishonored check

Answer 3

C

Question 4

What amount is missing from the check register?

A) $319.65
B) $519.65
C) $690.80
D) $1,330.10

Question 5

Doryan is reconciling his checkbook balance with his current bank statement. As he computes his adjusted bank statement balance, what should he include?

A) outstanding checks
B) unrecorded credits
C) unrecorded debits
D) balance shown in register

Question 6

Alvin is using a reconciliation form to balance his checkbook. To find the adjusted bank statement balance, what will he not need to do?

A) subtract unrecorded ATM withdrawals
B) subtracted unrecorded debits
C) add unrecorded credits
D) add unrecorded interest

Question 7

Mrs. Kaitra wrote a check for $89.50 but recorded it in her checkbook as $80.50. Her checkbook balance showed $1,572.35. What should it show?

A) $1,583.35
B) $1,581.35
C) $1,571.35
D) $1,563.35

Question 8

Kathy has a checkbook balance of $579.35. Her bank statement shows a balance of $597.50. Her outstanding checks total $115.65. There were $22.50 in fees and charges. The difference in the adjusted checkbook balance and adjusted bank statement balance is an unrecorded ATM withdrawal. What is that amount?

A) $18.15
B) $75.00
C) $97.50
D) $156.30

Question 9

Gretchen has a checkbook balance of $1,058.30. A deposit in the amount of $115 was returned NSF, and her bank charged her $35. There were unexpected automatic deposits of tax refunds in the amount of $235 and $69. What should her checkbook balance be?

A) $1,512.30
B) $1,308.30
C) $1,212.30
D) $1,208.30

Question 10

Loretta's bank statement shows a balance of $2,381.10. There are two outstanding deposits of $550 and $280. The statement showed a charge for $22 for new checks and an interest payment of $6.45. The outstanding checks were: Check 672 for $25.00, Check 675 for $45.76, Check 677 for $23.94, and Check 678 for $145.90. If Loretta's checkbook balance shows $2,929.95, what correction should she make?

A) Adjust down $15.55
B) Adjust down $40.55
C) Adjust up $15.55
D) Adjust up $40.55

Question 11

It is important to keep an accurate record of a checking account balance to prevent overdrafts and bank fees.

Question 12

The PIN number for a debit card is recorded on the debit card in order to access ATMs or to use the debit card for purchases.

Question 13

A debit is an amount that is added to an account and a credit is an amount that is subtracted from an account.

Question 14

After reconciling her checkbook with her bank statement, Mrs. Taylor found that she had transposed a check for $127.18 and instead recorded the check as $172.18. If her checkbook balance shows $1,593.45, what should it be?

A) $1,548.45
B) $1,593.45
C) $1,638.45
D) $1,693.45

Question 15

Mr. Jackson's bank statement shows a balance of $1,278.35. There are three outstanding deposits of $145, $50, and $714.90. The outstanding checks were: Check 567 for $236.89, Check 569 for $27.43, Check 570 for $8, and Check 573 for $45.39. If Mr. Jackson's checkbook balance shows $1,843.41, what did he fail to record?

A) Deposit of $145
B) Check 567 for $236.89
C) Check 569 for $27.43
D) ATM withdrawal of $60

Question 16

Clarence received his bank statement showing a balance of $671.35. The outstanding checks totaled $172.68, and there was an outstanding deposit of $115. His checkbook balance is $621.92. What type of correction does Clarence need to make to his running balance?

A) -$8.25
B) -$9.25
C) +$8.25
D) +$9.25

Question 17

What item is not found on a bank statement?

A) outstanding checks
B) fees and charges
C) running balance
D) outstanding deposits

Question 18

Yolanda has a $1,727.20 checkbook balance. Her bank statement shows a $1,537.45 balance. Her outstanding checks total $630.25. There are $850 in outstanding deposits. Yolanda should correct her checkbook by increasing the balance by $20.

Question 19

A canceled check is one that has had a stop payment put on it so that the bank will not honor it.

Question 20

Annie Hamilton's bank statement showed a balance of $1,489.13. There are $365.75 in outstanding checks. There is one outstanding deposit of $385.00. The bank charged $5.50 in ATM fees. What should her checkbook balance be?

A) $1,893.38
B) $1,508.38
C) $1,502.88
D) $1,469.88

Question 21

Mary Rutledge has a checkbook balance of $1,527.09. Her bank statement shows an unexpected direct deposit of $623.18 and ATM fees that total $5.50. There are no outstanding checks or deposits. What should her adjusted checkbook balance be?

A) $2,150.27
B) $2,144.77
C) $903.91
D) $$898.41

Question 22

What information is not found on a check?

A) Drawer's account number
B) Drawer's social security number
C) Payee
D) ABA transit number

Question 23

Alfred Jones received a bank statement that showed a balance of $2,671.13. He noted that there was a $2.50 ATM fee and interest of $1.18. There was an outstanding deposit of $635. His outstanding checks were: Check 214 for $75, Check 217 for $115.89, and Check 218 for $48.19. What is the adjusted bank balance?

Question 24

Matthew wrote check number 117 on June 12, 20-- in the amount of $255 to The College BookStore for books. His previous balance was $926.00. Fill out the check stub below.

Question 25

What is incorrect about the check stub below?

Question 26

Jeannine uses Excel to track her check register. Column A is the date, Column B is the check number, Column C is the transaction description, Column D is the check amount, Column E is the deposit amount, and Column F is the balance. Which formula could be used in the balance column that would give a correct balance regardless of whether the transaction was a withdrawal or a deposit? Assume the starting balance is located in Cell F4 and the transaction is in Row 5.

A) =F4-D5+E5
B) =F4+D5-E5
C) =F4-D5
D) =F4+E5

Question 27

The _______________ in a checkbook is calculated after a check is subtracted or a deposit is added to an account.

Question 28

Nancy's checkbook shows a balance of $1,723.56. When she wrote a check for $42.75 for the dog groomer, she accidentally recorded the check as $45.75. What is the correct checkbook balance?

Question 29

Omar wrote a check for $146.89 but recorded it in his checkbook as $156.89. His checkbook balance showed $574.34 What should it show?

Question 30

Daniel created a spreadsheet in Excel to use as a bank reconciliation form each month. A spreadsheet that is created once to include design, layout, and formulas which can be used over and over is called a _______________.

Question 31

Janice Thomas wrote a check for $213.75 but recorded the check in her checkbook register as $203.75. Will her running balance show more or less money and by how much?

Question 32

Mrs. Washington deposited her paycheck of $818.57 into her checking account. She accidentally recorded the deposit in her checkbook as $828.57. Her checkbook balance showed $1,878.45. What should it show?

Question 33

When a check is returned for _______________ , it means there was not enough money in the account to pay the check.

Question 34

What is the limit of FDIC insurance for deposits in case of bank failure?

Question 35

Tyrone received his paycheck on Friday. To put the money into his checking account, he needs to fill out a __________.

Question 36

Last week, Nina's tax refund of $715 was deposited into her account. The bank also charged her $15 for a returned check. If her checkbook has a balance of $1,025.61, what should it be?

Question 37

A ________________ is a report from the bank that shows all the paid checks, deposits, charges, and the balance on a checking account.

Question 38

When Alicia got her bank statement it showed a balance of $413.58. She saw 3 ATM fees of $1.50, $2.50, and $2.00 and no outstanding deposits. The outstanding checks were: Check 103 for $15, Check 106 for $7.35, and Check 109 for $48.19. Alicia's checkbook balance is $368.50. What is the difference between her adjusted checkbook balance and the adjusted bank statement balance?

Question 39

Mrs. Miller wrote check number 316 on April 5, 20-- in the amount of $19.50 to Tony’s Pizza for dinner. On the same day, she made a deposit of $400 into her account. Her previous balance was $1,716. Fill out the check stub below

Question 40

Roland works for a hardware store. During the week, he makes deposits for the company and records them in a check ledger. Last week he made these deposits: $1,450, $765.90, $1,325.71, $597.34, and $877.45. If the beginning ledger balance was $13,821.58, what is the balance after these deposits?

Question 41

Sarah received her bank statement from Union Bank that showed a balance of $1,204.56. Checks outstanding were in the amounts of: $15, $8.50, $38.19, and $52.75. A $217 deposit was not recorded by the bank. The bank charged her $18 for new checks and a $12 service fee. Her checkbook showed a balance of $1,337.12. She filled out the reconciliation form below. What is filled out incorrectly on the form?

Question 42

Henry Jacobs wrote a check for $123.78 but recorded the check in his checkbook register as $103.78. Will his running balance show more or less money and by how much?

Question 43

Kelly's checkbook shows a balance of $417.32. Her bank statement included ATM fees of $2.00, $1.50, and $3.00. Kelly had also forgotten to record two ATM withdrawals, one for $40 and another for $20. What should her new checkbook balance be?

Question 44

Manuel has a $717.89 checkbook balance. His bank statement shows a $509.56 balance and an $8 service charge. His outstanding checks total $112.23. The deposit from his paycheck for $345 is also outstanding. What is his adjusted checkbook balance? Does it reconcile with the adjusted bank statement balance?

Question 46

Kevin uses Excel to make his deposit slips. His deposit slip shows currency in Cell F3, 3 checks in Cells F5 through F7, and cash he wants to get back in Cell F11. What formula should Kevin use in the net deposit Cell F12?

Question 47

Franklin's bank statement showed a balance of $2,592.58. There were 2 ATM fees of $3.00 and $2.50. He had made three outstanding deposits not recorded by the bank for $115, $619.78, and $45.90. The outstanding checks were in the amounts of $23.89, $515.78, and $19. What is the adjusted bank balance?