Checking Accounts Answers

Michael is making a deposit with a check and wants cash back. His deposit slip has his name, his account number, the date, the amount of the check, the amount of cash that he wants, his signature, and what else?a.his date of birthb.his social security numberc.the net deposit amountd.the balance of money in the account

Melanie’s monthly bank statement says her balance is $280.82, but her check register says that her balance is $312.55. Which of the following are still outstanding?I. A $56.49 check to the drugstoreII. A $113.42 paycheck depositIII. A $32.62 refund depositIV. An $81.69 check to the music store a.I and IIIb.II and IVc.II and IIId.III and IV

Brett tallies up the transactions in his check register and comes up with a total balance of $248.53, but his bank statement says that his balance is $257.72. Which of the following are still outstanding?I. A $44.09 check to the electronics storeII. A $73.98 check to the mechanicIII. A $49.96 paycheck depositIV. A $64.79 check deposit from Brett’s cousina.I and IIIb.II and IIIc.I and IVd.II and IV

James is opening a checking account. The bank employees do not know him personally, and he has forgotten his identification. Can he open the account anyway, and use the ID later when he gets his debit card?a.Yes, it is usually OK if he has the money.b.Yes, but a note must be made on the application.c.No, because the photograph will be used on the debit card.d.No, because proper identification is required to open a checking account.

Mega Bank Reconciliation Worksheet

What is a “closing balance?”a.The amount of money you have at the end of the statement periodb.The amount of money you have when you close your accountc.The amount of money you owe at the end of the statement periodd.The amount of money waiting to be transferred out of your account

Consider the following incomplete deposit slip: Description Amount ($) Cash, including coins 150 75 Check 1 564 81 Check 2 2192 43 Check 3 4864 01 Subtotal ???? ?? Less cash received ???? ?? Total 7050 50 How much cash did the person who filled out this deposit slip receive? a. $849.25 b. $715.56 c. $7,621.53 d. $721.50 Please select the best answer from the choices provided

Yolanda used a reconciliation worksheet provided by her bank. Line 5 should equal line 6 at the end of the reconciliation, but it does not. Mega Bank Reconciliation Worksheet Amount 1. Enter the statement closing balance. $ 345 89 2. Enter the sum of any outstanding deposits or credits. $ 0 00 3. Add lines 1 and 2. $ 345 89 4. Enter the sum of any outstanding checks or debits. $ 37 51 5. Subtract line 4 from line 3. $ 308 38 6. Enter your checkbook balance. $ 328 37 Note: Lines 5 and 6 should be equal at the end of the reconciliation. Yolanda wants to first look for a single transaction that could have caused this problem with reconciliation. What is the amount of the transaction that Yolanda should look for in order to find a solution to the problem? a. $17.52 b. $19.99 c. $20.01 d. $37.51 Please select the best answer from the choices provided

Kurt’s ending balance on April 30 was $331.36. Add or subtract the items in his check register, shown below, to find his balance on May 30.DateTypeDescriptionAmount05/01Check #478Car payment$186.4705/05DebitGroceries$66.4205/08DepositPaycheck$279.6205/15DepositTax return$95.0205/29Check #479Insurance$160.00Assuming this record is complete, what is Kurt’s ending balance?a.$369.61b.$359.53c.$293.11d.$274.59

Which of the following must be present for a check to be legitimate?I. The recipient’s bankII. The dateIII. A memo or notea.I and IIb.II onlyc.III onlyd.I, II, and III