Contemporary Mathematics

Mathematics

Quiz 4 :

Checking Accounts

Quiz 4 :

Checking Accounts

Question Type
search
arrow
A(n) ___________ is a written order to a bank by a depositor to pay the amount specified from funds on deposit in a checking account.
Free
Essay
Answer:

Answer:

Let us fill the following blank.
A (n) Check is written order to a bank by a depositor to pay the amount specified from
Funds on deposit in a checking account.
Check:
Check is a written demand and approved you should instructing the bank to pay specified money to specific person from your account.

Tags
Choose question tag
close menu
arrow
A check ___________ is a separate booklet used to keep track of checking account activity.
Free
Essay
Answer:

Answer:

A check
img is a separate booklet used to keep track of checking account activity. This register is important for maintaining clarity and transparency.

Tags
Choose question tag
close menu
arrow
As the purchasing manager for Fuzzy Logic Industries, write a check dated April 29, 20xx, in the amount of $24,556.00, to Outback Electronics, Inc., for circuit boards. img
Free
Essay
Answer:

Answer:

Let's fill the check details which are issued on April
img in amount of
img to Outback Electronics, Inc for circuit boards from Fuzzy logic Industries.
img

Tags
Choose question tag
close menu
arrow
As cashier for Cellini's Pizza, it is your responsibility to make the daily deposits. Complete the deposit slip below based on the following information. a. Date: January 20, 20xx. b. Checks totaling $344.20. c. Currency of $547.00. d. Coins: 125 quarters, 67 dimes, 88 nickels, and 224 pennies. img
Essay
Answer:
Tags
Choose question tag
close menu
arrow
Attached by perforation to checks, check ___________ are one method of tracking checking account activity.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
From the following information, complete the two check stubs and the check register below. a. Starting balance: $463.30. b. April 15, 20xx, check #450 issued to the Keystone Market for groceries in the amount of $67.78. c. April 17, debit card purchase of $250. d. April 19, deposit of $125.45. e. April 20, deposit of $320.00. f. April 27, check #451 in the amount of $123.10 to Ace Appliance, Inc., for refrigerator repair. img img img
Not Answered

There is no answer for this question

Tags
Choose question tag
close menu
arrow
On a check, the ___________ is the person or business issuing the check; the ___________ is the person or business named on the check to receive the money.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
When a(n) ___________ card is used, the amount of the transaction is deducted electronically from the checking account.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
Sometimes banks offer checking accounts that earn interest on the average daily balance of the account each month. This interest is calculated using a formula known as the simple interest formula. The formula is written as: Interest = Principal × Rate × Time I = PRT The formula states that the amount of interest earned on the account is equal to the principal (average daily balance) multiplied by the rate (interest rate per year-expressed as a decimal) multiplied by the time (expressed in years-use 1 12 to represent one month of a year). a. If you have not already done so, complete the Business Decision, Choosing a Bank on page 112. b. Use the simple interest formula to calculate the amount of interest you would earn per month if the Intercontinental Bank was offering 2% (.02) interest per year on checking accounts. (Note that your average daily balance changes from $900 to $2,400 in the last six months of the year.) c. How much interest would you earn per month at Bank of America if it were offering 1.5 percent (.015) interest per year on checking accounts? Round to the nearest cent when necessary. d. Recalculate the cost of doing business with Intercontinental Bank and Bank of America for a year. e. Based on this new information, which of the four banks should you choose for your checking account?
Not Answered

There is no answer for this question

Tags
Choose question tag
close menu
arrow
On October 1, Jessica Clay received her bank statement showing a balance of $374.52. Her checkbook records indicate a balance of $338.97. There was a service charge for the month of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80, and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automatic payment of her telephone bill. Use the following form to reconcile Jessica's checking account. img
Essay
Answer:
Tags
Choose question tag
close menu
arrow
The signature and instructions on the back of a check are known as the ___________.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
You have just received a check. Your account number is #9299-144-006. Write the following endorsements in the space provided below and identify what type they are. a. Allowing the check to be transferred to Expo, Inc. b. Allowing you to cash the check. c. Allowing you to deposit the check in your account. a. img b. img c. img
Essay
Answer:
Tags
Choose question tag
close menu
arrow
There are three types of endorsements used on checks: the blank, the restrictive, and the ___________ endorsement.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
When Heather Gott went online to check her account balance in the morning, it was $823.71. During the day, she used her debit card for the following purchases: groceries-$48.38, flowers-$13.86, prescription refill-$28.00, and gasoline-$56.28. There was a $0.45 charge to use her debit card for the gas purchase. She also used her debit card to buy a roll of stamps for $44.00. In her mail there was a birthday card with a $75 check from her uncle. Heather took the check to the bank and deposited it. What should she expect her account balance to be the following morning?
Essay
Answer:
Tags
Choose question tag
close menu
arrow
When cash is being withdrawn at the time of a deposit, a(n) ___________ is required on the deposit slip.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
A bank ___________ is a monthly summary of activities in a checking account.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
The form used to record money being added to the checking account is a called a(n) ___________.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
Write the word form of $52.45 as it would appear on a check.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
Additions to a checking account are called ___________; subtractions from a checking account are called ___________.
Essay
Answer:
Tags
Choose question tag
close menu
arrow
Using the form on page 121, prepare a bank reconciliation for Kali Loi from the following checkbook records and bank statement. img img img
Not Answered

There is no answer for this question

Tags
Choose question tag
close menu
Showing 1 - 20 of 37