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 returna.I and IIb.II and IIIc.II and IVd.I and IV

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? a. $381.23 b. $451.02 c. $88.79 d. $436.02 Please select the best answer from the choices provided

When must you sign a deposit slip?a.You must always sign a deposit slip.b.You only need to sign a deposit slip when receiving cash.c.You only need to sign a deposit slip when using an ATM, rather than depositing at the bank.d.You never need to sign a deposit slip. Your account information is enough.

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.a.I, III, IV, and V could cause the problem, but not II.b.I, II, III, and V could cause the problem, but not IV.c.All five of the potential errors could cause this sort of problem.d.I and II could cause the problem since there are no math errors.

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 a. I or II b. II c. I, II, or III d. None. You must have a driver’s license or other state-issued ID to open an account. Please select the best answer from the choices provided

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.a.I and IIb.I and IIIc.II and IIId.I, II and III

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$390.36a.$715.79b.$1,009.81c.$780.72d.$880.24

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? a. $325.79 b. $137.20 c. $12.67 d. $313.20 Please select the best answer from the choices provided

Which of the following is not something that you could do with a normal checking account? a. Deposit cash into your account. b. Demand in writing that money be paid to another person from your account. c. Give permission to a merchant to demand money from your account. d. Make purchases or get cash now, and pay back the bank in monthly payments. Please select the best answer from the choices provided

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 deposita.I and IIIb.I and IVc.II and IIId.II and IV