Finance Chapter 5 Exam Questions and Answers

Finance Chapter 5 Exam Questions and Answers A canceled check is one that has been processed by the bank. - Answer-True Floating a check is illegal in most states. - Answer-True Writing a future date on a check is called postdating. - Answer-True Paying bills online is generally considered slower and riskier than writing checks. - Answer-False When depositing a check into your account, you should write the check's ABA number on the deposit slip. - Answer-True The column headed by a check mark in a checkbook register is provided so you can make a note of your checks that have bounced. - Answer-False You should reconcile your checking account as soon as you receive your bank statement. - Answer-True A check cannot be cashed until it has been reconciled. - Answer-False A joint checking account can be opened by two or more people. - Answer-True A money order can never bounce. - Answer-True Debit card transactions do not need to be recorded in your checkbook register. - Answer-False For safety, do not carry your PIN in written form; instead, commit it to memory. - Answer-True The usual reason for a stop-payment order is that the check has been lost or stolen. - Answer-True You can purchase or sell savings bonds at most full-service banks. - Answer-True FDIC insurance protects the deposits of customers against loss up to $1,000,000 per account. - Answer-True