Deck 5: Bank Services

Question 1

Reconcile the bank statement with the check register balance. Find the current balance.

A)$1,680.99
B)$1,681.57
C)$1,680.41
D)$1,726.28

Answer 1

A

Question 2

Find the balance forward for the check stub.

A)$3,017.48
B)$4,909.96
C)$3,138.30
D)$5,030.78

Answer 2

B

Question 3

Answer the question or give an explanation.
Describe the effect on merchants and customers if credit card usage suddenly stopped.

Answer 3

Answers will vary.

Question 4

From the following credit card transactions, find the credit-card sales less refunds. Then find the amount of the charge at the statement date.
Bob's Bicycle Shop pays a 3% fee.

A)$841.65, $25.25
B)$831.65, $24.95
C)$1,036.83, $31.10
D)$939.24, $28.18

Question 5

Find the balance forward for the check stub.

A)$4,722.89
B)$5,095.31
C)$4,350.47
D)$372.42

Question 6

Answer the question or give an explanation.
Describe at least four services a bank can provide to its business checking account customers.

Question 7

Answer the question or give an explanation.
Explain the factors that determine the bank service charges on a business checking account.

Question 8

Use the table to find the monthly checking-account service charge for the account.
Dagmar's Sandwiches, 46 checks, average balance $1,913

A)$16.70
B)$9.60
C)$21.20
D)$14.20

Question 9

Use the table to find the monthly checking-account service charge for the account.
DynaPro Golf, 28 checks, average balance $473

A)$7.80
B)$14.80
C)$17.60
D)$13.10

Question 10

Answer the question or give an explanation.
List some advantages and disadvantages for a merchant to accept credit cards.

Question 11

Answer the question or give an explanation.
List some advantages and disadvantages for a customer to use credit cards.

Question 12

Answer the question or give an explanation.
Describe in your own words how to reconcile a checking account.

Question 13

Reconcile the bank statement with the check register balance. Find the current balance.

A)$5,549.37
B)$5,545.57
C)$5,553.17
D)$6,247.41

Question 14

Answer the question or give an explanation.
List and explain at least six parts of a check. Draw a sketch showing where the parts appear.

Question 15

Answer the question or give an explanation.
Describe the differences between keeping a check stub record of checks written versus a check register.

Question 16

From the following credit card transactions, find the credit-card sales less refunds. Then find the amount of the charge at the statement date.
Expressway Photo Developers pays a 2%.

A)$243.02, $4.86
B)$253.02, $5.06
C)$359.14, $7.18
D)$306.08, $6.12

Question 17

Answer the question or give an explanation.
List and explain some differences between personal and business checking accounts.

Question 18

Use the table to find the monthly checking-account service charge for the account.
Northwest Molded, 59 checks, average balance $4,845

A)$19.30
B)$16.80
C)$10.90
D)$5.00

Question 19

Answer the question or give an explanation.
Name four posting or recording errors that can cause an unbalanced checking account.

Question 20

Reconcile the bank statement with the check register balance. Find the current balance.

A)$5,443.53
B)$4,723.81
C)$5,427.50
D)$5,459.56

Question 21

Find the final balance in the check register.

A)$1,799.92
B)$3,362.55
C)$1,147.20
D)$5,934.80

Question 22

Find the final balance in the check register.

A)$1,514.07
B)$2,609.65
C)$2,046.97
D)$1,624.21

Question 23

Reconcile the bank statement with the check register balance. Find the current balance.

A)$1,954.81
B)$1,968.49
C)$2,260.18
D)$1,961.65

Question 24

Find the final balance in the check register.

A)$2,030.90
B)$1,494.18
C)$1,811.05
D)$2,275.04

Question 25

Find the balance forward for the check stub.

A)$4,277.92
B)$3,613.40
C)$4,134.57
D)$3,224.46

Question 26

Find the final balance in the check register.

A)$5,140.50
B)$4,695.43
C)$3,917.04
D)$4,539.34

Question 27

Reconcile the bank statement with the check register balance. Find the current balance.

A)$4,415.53
B)$4,411.51
C)$4,871.44
D)$4,413.52

Question 28

From the following credit card transactions, find the credit-card sales less refunds. Then find the amount of the charge at the statement date.
Cross Town Florists pays a 4% fee.

A)$702.41, $28.10
B)$692.41, $27.70
C)$812.14, $32.49
D)$921.87, $36.87

Question 29

Find the balance forward for the check stub.

A)$4,674.60
B)$1,877.88
C)$4,786.38
D)$1,766.10

Question 30

From the following credit card transactions, find the credit-card sales less refunds. Then find the amount of the charge at the statement date.

A)$862.82, $43.14
B)$781.76, $39.09
C)$791.76, $39.59
D)$933.88, $46.69

Question 31

Find the final balance in the check register.

A)$8,767.02
B)$7,877.05
C)$9,261.62
D)$9,642.44

Question 32

Use the table to find the monthly checking-account service charge for the account.
Value Dry Cleaners, 81 checks, average balance $7,585

A)$8.10
B)$5.00
C)$0
D)$13.10