Chapter 04 Savings and Payment Services

Posted on Posted in General General Questions, General Questions

89. (p. 126) Ursula
has an account that will allow her to waive the minimum balance if she keeps a
certain amount in savings. What kind of account does she have?
A. Regular checking account
B. Activity account
C. Interest-earning checking account
D. All of the above are correct
E. None of the above is correct

90. (p. 128) Which
of the following is NOT correct?
A. Check 21 decreases the processing time for checks.
B. Check 21 allows a substitute check to be an
equivalent of the original check.
C. A substitute check is a digital reproduction of the
original paper check.
D. Check 21 increases the
fees banks can charge for checking accounts.
E. All of the above are correct.

91. (p. 128) In
general, which fees have recently decreased for checking accounts?
A. Overdraft fees
B. Stop-payment orders
C. Check printing
D. All of the above have decreased
E. All of the above have
increased


92. (p. 128) Which
of the following is correct?
A. Canceled checks are typically returned to customers.
B. Overdraft protection is a loan banks make for their
checking customers whose balances are positive.
C. Bank customers typically
are provided with online access to view and print checks that have been paid.
D. Overdraft protection is usually more costly than fees
charged for checks with insufficient funds.
E. Checking account packages with many services included
for a single fee usually are a good value even if you don’t use many of the
services in the package.


93. (p. 128) Nora
bought a used car and was told that she needed a check with guaranteed payment.
She obtained a _________
A. Certified check
B. Cashier’s check
C. Money order
D. Personal check
E. Traveler’s check


94. (p. 128) Kylie
went to a post office to obtain a ___________
A. Certified check
B. Cashier’s check
C. Money order
D. Personal check
E. Traveler’s check


95. (p. 128) Logan
paid a bill with a special form. He received this form at his financial
institution and had to pay a fee. He used a _____
A. Certified check
B. Cashier’s check
C. Money order
D. Personal check
E. Traveler’s check

96. (p. 128) Anders
went to Norway and went shopping. He had to sign his name a second time on this
document at the store. Anders used a _______
A. Certified check
B. Cashier’s check
C. Money order
D. Personal check
E. Traveler’s check

97. (p. 129) A
joint account with Sara and Ean allows
A. Ean only to write checks
B. Sara only to deposit money into the account
C. Sara or Ean to complete a signature card
D. Ean and Sara to both
write checks on the account
E. None of the above


98. (p. 129) Chloe
signed the back of her check with nothing else by it. She used a(n)
A. Blank endorsement
B. Restrictive endorsement
C. Deposit ticket
D. Special endorsement
E. Individual account

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