Chapter Three

1. Chapter Three Review

2. Directions • Answers the questions the best you can. • Click on the answer you think is correct. • If you are right, you will need to click anywhere on the slide to move to the next question. • If you are wrong, you will need to click anywhere on the slide to move back to the question and try again. • If you find any problems with the presentation, please let me know so it can be corrected. GOOD LUCK!!

3. Vocabulary Review An electronic method allowing you to pay bills using your home computer is ????. • Electronic Funds Transfer (EFT) • online banking • transaction • direct deposit

4. Correct! Click anywhere to move to the next slide.

5. That is incorrect. Click anywhere to go to back until you get the correct answer.

6. Vocabulary Review The amount of money in a checking account is called a(n) ????. • compound amount • check register • balance • bank statement

7. Correct! Click anywhere to move to the next slide.

8. That is incorrect. Click anywhere to go to back until you get the correct answer.

9. Vocabulary Review The total in a savings account at the end of a period after interest is added is called the ????. • compound amount • compound interest • balance • interest

10. Correct! Click anywhere to move to the next slide.

11. That is incorrect. Click anywhere to go to back until you get the correct answer.

12. Vocabulary Review A printed report of bank transactions given to a depositor is called a(n) ????. • deposit slip • reconciliation form • check register • bank statement

13. Correct! Click anywhere to move to the next slide.

14. That is incorrect. Click anywhere to go to back until you get the correct answer.

15. Vocabulary Review A savings plan also known as a time deposit or savings certificate is called a(n) ????. • compound amount • online banking • certificate of deposit (CD) • term

16. Correct! Click anywhere to move to the next slide.

17. That is incorrect. Click anywhere to go to back until you get the correct answer.

18. Vocabulary Review A record you keep of deposits made and checks written is called a(n) ????. • check register • bank statement • certificate of deposit (CD) • deposit slip

19. Correct! Click anywhere to move to the next slide.

20. That is incorrect. Click anywhere to go to back until you get the correct answer.

21. Vocabulary Review When employers send the pay of employees to their bank account instead of issuing a paper check, they are making a(n) ????. • Electronic Funds Transfer (EFT) • direct deposit • online banking • transaction

22. Correct! Click anywhere to move to the next slide.

23. That is incorrect. Click anywhere to go to back until you get the correct answer.

24. Vocabulary Review The movement of money from one bank’s computer to another computer is called ????. • direct deposit • Automated Teller Machine (ATM) • Electronic Funds Transfer (EFT) • transaction

25. Correct! Click anywhere to move to the next slide.

26. That is incorrect. Click anywhere to go to back until you get the correct answer.

27. Vocabulary Review The fixed period of time money is on deposit in a savings account is called the ????. • interest • maturity date • term • service charge

28. Correct! Click anywhere to move to the next slide.

29. That is incorrect. Click anywhere to go to back until you get the correct answer.

30. Numerical Review Justin Nucci listed these items on his deposit slip: (bills) 9 one-hundreds, 27 fifties, 83 fives, 141 ones; (coins) 13 quarters, 117 nickels; (checks) $317.94, $57.89, $527.24, $77.49. He received cash back of 30 twenties and 11 tens. What total deposit did he make? • $4,195.91 • $2,985.66 • $2,040.10 • $980.56

31. Correct! Click anywhere to move to the next slide.

32. That is incorrect. Click anywhere to go to back until you get the correct answer.

33. Numerical Review Zora Omar had a balance of $1,189.17 in her checking account. She wrote checks for $62.41, $224.14, $12.92, and $357.16. Her deposits were $197.34 and $879.13. What was Zora’s new bank balance? • $2,922.27 • $112.70 • $1,785.80 • $1,609.01

34. Correct! Click anywhere to move to the next slide.

35. That is incorrect. Click anywhere to go to back until you get the correct answer.

36. Numerical Review At the start of the day, Grade Williams’ checking account had a $201.87 balance. She used her debit card to pay $56.12 for groceries and $28.45 for cleaning. Grace then transferred $150 to her checking account from savings using her bank’s ATM. She also directed her bank to transfer funds electronically from her checking account to pay a charge account bill of $187.12. What was the balance of Grace’s checking account at the end of the day? • $80.18 • $323.56 • $623.56 • $454.42

37. Correct! Click anywhere to move to the next slide.

38. That is incorrect. Click anywhere to go to back until you get the correct answer.

39. Numerical Review Basil Tomlin’s online checking account had a balance of $371.07. The balance did not include a direct deposit of $672.80 that will be transferred to the checking account by Basil’s employer at 11:00 a.m. Basil’s bank will automatically deduct a house payment of $720 at the end of the business day. Basil plans to make online payments for $34.85, $90.29, and $368.20. How much money does Basil need to transfer to compete these transactions and still have a balance of $100? • $169.47 • $269.47 • $942.27 • $47.20

40. Correct! Click anywhere to move to the next slide.

41. That is incorrect. Click anywhere to go to back until you get the correct answer.

42. Numerical Review Giselle Mulroon’s bank statement shows a balance of $539.22. Checks outstanding were #841 for $29.67, #843 for $89.02, and #844 for $9.76. A $130 deposit was outstanding. Reconcile Giselle’s bank statement. • $280.59 • $280.59 • $540.77 • $410.77

43. Correct! Click anywhere to move to the next slide.

44. That is incorrect. Click anywhere to go to back until you get the correct answer.

45. Numerical Review Elva Mayberry’s check register balance was $641.18. Her bank statement listed several items that did not appear in Elva’s check register. These include interest earned of $0.48, a service charge of $2.80, and two ATM withdrawals of $300 each. Reconcile Elva’s check register. • $37.90 • $1,244.46 • $38.86 • $643.50

46. Correct! Click anywhere to move to the next slide.

47. That is incorrect. Click anywhere to go to back until you get the correct answer.

48. Numerical Review Henry Sokol’s bank statement balance on June 30 was $845.43. His check register balance was $247.62. His comparison of the two records showed a check for $85 was recorded twice in the register, a check for $138.11 was recorded as $183.11, and an ATM deposit of $368 and a debit card purchase for $81.10 were not recorded in the register. Also, an ATM withdrawal of $50 and interest earned of $0.82 were not recorded. Three checks were outstanding: $191.22; $23.87; $15. Reconcile Henry’s bank statement and check register. • $1,213.15 • $17.53 • $615.34 • $614.52

49. Correct! Click anywhere to move to the next slide.

50. That is incorrect. Click anywhere to go to back until you get the correct answer.