How much do you know about checking Account?
Do you know about various accounts? How much do you know about checking account? This quiz is about checking accounts only. For a basic introduction, what a checking account is, it is a type of bank account that enables you to easily deposit as well as withdraw money for regular transactions. There is more to know about what a checking account is and what its features are. Take this quiz, answer some questions, and you will know!
- 1.
This is not found on a check.
- A.
Account owner's name
- B.
The social security number of the account owner
- C.
Account owner's address
- D.
All of these
Correct Answer
B. The social security number of the account ownerExplanation
The social security number of the account owner is not found on a check. Checks typically include the account owner's name and address, but they do not include personal identification numbers such as the social security number. This information is usually kept confidential and not printed on checks for security reasons.Rate this question:
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- 2.
Which of these is not a type of checking account?
- A.
Individual checking account
- B.
Joint checking account
- C.
Business checking account
- D.
All of these are
Correct Answer
D. All of these areExplanation
All of the options listed are types of checking accounts. Therefore, the correct answer is "All of these are" not a type of checking account.Rate this question:
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- 3.
What is an individual checking account?
- A.
It is a type of personal account with one sole account holder.
- B.
It is a type of personal account with multiple account holders.
- C.
It is a business account.
- D.
It is a temporary account with multiple business holders.
Correct Answer
A. It is a type of personal account with one sole account holder.Explanation
An individual checking account is a personal account that is owned and operated by a single individual. This means that only one person has access to the account and is responsible for managing its transactions and funds. It is different from a joint account, which allows multiple individuals to have ownership and access to the account.Rate this question:
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- 4.
Funds in a checking account are accessed through
- A.
Check
- B.
Atm
- C.
Both A & B
- D.
None
Correct Answer
C. Both A & BExplanation
The correct answer is "Both A & B" because funds in a checking account can be accessed through both checks and ATMs. Checks can be written to make payments or transfer funds from the account, while ATMs allow account holders to withdraw cash, make deposits, and perform other banking transactions. Therefore, both options A and B are valid ways to access funds in a checking account.Rate this question:
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- 5.
What is the number of a checking account also known as?
- A.
Check serial number
- B.
ATM pin
- C.
Account number
- D.
None of these
Correct Answer
C. Account numberExplanation
The number of a checking account is commonly referred to as the account number. This number uniquely identifies a specific checking account and is used for various banking transactions such as deposits, withdrawals, and transfers. It is different from a check serial number, which is a unique identifier for each individual check. An ATM pin, on the other hand, is a personal identification number used for accessing an ATM or making transactions. Therefore, the correct answer is account number.Rate this question:
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- 6.
What are the steps in writing a check?Date, amount, payee, signature
- A.
1, 3, 2, 4
- B.
1, 2, 3, 4
- C.
4, 3, 2, 1
- D.
1, 4, 2, 3
Correct Answer
A. 1, 3, 2, 4Explanation
The correct answer is 1, 3, 2, 4. The first step in writing a check is to fill in the date, followed by writing the amount in numbers and words. Then, the payee's name is written on the line provided. Finally, the check is signed by the account holder to authorize the payment.Rate this question:
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- 7.
Which of these is a type of endorsement?
- A.
Blank
- B.
Restrictive
- C.
Special
- D.
All of these
Correct Answer
D. All of theseExplanation
All of these options are types of endorsements. A blank endorsement is when the payee signs the back of a check without specifying a particular recipient, making it payable to whoever possesses it. A restrictive endorsement specifies the conditions under which the check can be transferred, such as "For Deposit Only." A special endorsement, also known as an endorsement in full, transfers the check to a specific person or organization. Therefore, all three options are valid types of endorsements.Rate this question:
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- 8.
With online banking in a checking account, you can
- A.
Check balance
- B.
Transfer money
- C.
Both A & B
- D.
None of these
Correct Answer
C. Both A & BExplanation
With online banking in a checking account, you can check your balance and transfer money. This means that you can easily access and monitor your account balance, as well as conveniently move funds between different accounts or send money to others. Therefore, the correct answer is "Both A & B" as it accurately represents the capabilities of online banking in a checking account.Rate this question:
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- 9.
Which of these is not a credit?
- A.
Interest earned
- B.
Cash deposit
- C.
Both A & B
- D.
Overdraft fee
Correct Answer
D. Overdraft feeExplanation
The given question asks to identify which of the options is not a credit. A credit refers to an addition of funds to an account. Both interest earned and cash deposit are examples of credits as they increase the balance in an account. However, an overdraft fee is a charge imposed when a customer withdraws more money than is available in their account, resulting in a negative balance. Therefore, an overdraft fee is not a credit, but rather a fee or charge imposed by the bank.Rate this question:
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- 10.
Which of these is not a debit?
- A.
Interest gained
- B.
Online purchase payment
- C.
Cash withdrawal
- D.
None of these
Correct Answer
A. Interest gainedExplanation
Interest gained is not a debit because it represents the money earned on an investment or savings account. In accounting terms, debits are used to record decreases in assets or increases in liabilities. However, interest gained represents an increase in assets, as it adds to the overall value of the account. Therefore, interest gained is not a debit.Rate this question:
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Nov 16, 2023Quiz Edited by
ProProfs Editorial Team -
Nov 14, 2022Quiz Created by
Keith Foster
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