Using a Debit Card Answers

Roberta's monthly bank statement says that she has a balance of 386.29, but Roberta's check register says that her balance is 370.77. Which of the following are still outstanding?I. A $78.17 check to the electric companyII. A $16.15 deposit from Roberta's roommateIII. A $22.67 check to the grocery storeIV. A $62.65 deposit from Roberta's tax return

Consider the following incomplete deposit slip: Description Amount ($) Cash, including coins 15 00 Check 1 62 44 Check 2 27 83 Check 3 45 75 Subtotal ?? ?? Less cash received ?? ?? Total 62 23 How much cash did the person who filled out this deposit slip receive?

When must you sign a deposit slip?

Stephen used a reconciliation worksheet, but his checkbook balance does not match the final worksheet balance. Evaluate the following list of possible errors that he has made. Decide which items could potentially correct this problem if found and corrected. Item numberName of potential errorExplanation of what to verifyIClearing the checkbookAll the transactions on the statement that match transactions in the checkbook should be marked as cleared in the checkbook.IICorrecting checkbook omissionsAll transactions on the statement that were not found in the checkbook should have been entered into the checkbook.IIIOutstanding credits and debitsVerify that the sum of outstanding credits and the sum of outstanding debits are correct.IVMathVerify that all addition and subtraction has been done correctly and there are no transpositions of numbers.VPrevious reconciliationVerify that the previous reconciliation was performed correctly, and that all cleared items are marked as such in the checkbook.Choose the option below that correctly describes the items that could have caused this problem with Stephen’s reconciliation.

Miranda is opening a checking account, but she left her driver’s license at home. Which, if any, of the following can she use to open her account anyway? I. Sav-A-Lot Discount Card II. Passport III. Social Security card

Which of the following items are elements of a monthly checking account statement?I. A period (beginning date and ending date)II. A beginning balance and ending balance.III. A detailed list of debits and credits during the period.

Richard’s checkbook register as of 02/19:Check #DateDescription of TransactionPayment/Debit (-)Fee (-)Deposit/Credit (+)Balance 02/03Deposit $900.00$900.00 02/05Deposit - Paycheck $390.36$1,290.3620102/05Blue Sky Apartments$455.00 $835.3620202/07Renter’s Insurance$125.40 $709.9620302/18Online Clothing Purchase$155.44 $554.52 02/19 Deposit - Paycheck $390.36$944.88 Enter the following transactions into Richard’s checkbook register and state his ending balance:DateTypeDescriptionAmount03/01Check #204Blue Sky Apartments$455.0003/05DEPPayroll automatic deposit$390.3603/08DebitBenny’s Hamburgers and Fries$9.2003/15Check #205Car payment$251.5903/19DEPPayroll automatic deposit$390.36

Megan used a reconciliation worksheet provided by her bank. Line 5 should equal line 6 at the end of the reconciliation, but it does not. Friendly Bank Reconciliation Worksheet Amount 1. Enter the statement closing balance. $ 487 13 2. Enter the sum of any outstanding deposits or credits. $ 186 68 3. Add lines 1 and 2. $ 673 81 4. Enter the sum of any outstanding checks or debits. $ 174 01 5. Subtract line 4 from line 3. $ 499 80 6. Enter your checkbook balance. $ 362 60 Note: Lines 5 and 6 should be equal at the end of the reconciliation. Megan wants to first look for a single transaction that could have caused this problem with reconciliation. What is the amount of the transaction that Megan should look for in order to find a solution to the problem?

Which of the following is not something that you could do with a normal checking account?

George tallies up the transactions in his check register and comes up with a total balance of $221.57, but his bank statement says that his balance is $203.73. Which of the following are still outstanding?I. A $20.25 check to the floristII. A $14.29 check to the dry cleanersIII. A $38.09 check depositIV. A $19.05 money order deposit

Anna has $274.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 194.62 35.45 Tuesday --- 11.20 Wednesday 145.86 24.75 Thursday 53.35 33.80 Friday 31.60 45.77 Saturday 12.90 61.63 Anna gets an overdraft fee if her balance at the end of the day is negative. On which day or days does Anna get charged an overdraft fee? I. Wednesday II. Thursday III. Friday

A point of sale transaction occurs when a debit card is used to purchase items at a grocery store. Please select the best answer from the choices provided.

Sue’s bank account has a balance of $899.83 before she starts spending money. She makes the following transactions:TransactionCost ($)Rent353.76Video game32.79Bike maintenance60.26Jacket55.62Rug80.40Night out35.77Sue is considering splitting the cost of a new TV with her roommate. Her share would be $305.22. Can Sue afford this?

Theresa has $708 in her account and wishes to throw a party. She plans to include the following:PurchaseCost ($)Decorations76.92Catering150.66Musicians242.15Refreshments123.36Venue260.47When Theresa makes the calculations, she finds that she cannot afford everything that she would like to have. What is the cheapest aspect of the party that she can eliminate to keep from overdrawing her account?

Which of the following most accurately describes when a debit card transaction takes effect?

Bill has $270.61 in his account before making any transactions. Over the course of a week, Bill makes the following transactions:TransactionDebit ($)Credit ($)Paycheck---535.67Electric bill112.53---Groceries90.79---Savings bond---50.00Car payment225.65---At the end of the week, how much money is in Bill’s account?

Ronald is trying to reconstruct his spending pattern from May. He knows that he had $315 in his account on May 1, but after that, his receipts and balance statements are all scrambled. Here are Ronald’s records:DateTransaction TypeAmount ($)5/25Purchase665/18Purchase905/30Purchase1885/24Deposit1515/22Purchase1525/8Deposit1045/3Purchase1755/6Purchase82Assuming that this is a complete, if scrambled, record of Ronald’s May spending and that any overdraft fees incurred do not affect the running total, how many times did Ronald overdraw his account in May?

Faye’s bank charges her a $2.25 service fee every time she uses an out-of-network ATM. If Faye uses an out-of-network ATM twice a week, how much money does she pay in service fees every year?

Which statement or statements accurately describe a good way to avoid excessive service fees?I. Try to deposit money in large batches rather than in small amounts.II. Try to limit the number of withdrawals you make from out-of-network ATMs.III. Try to avoid using your debit card online.

I.