12. overdraft fees occur when a transaction exceeds the account balance.\n13. a debit adds money to your…

12. overdraft fees occur when a transaction exceeds the account balance.\n13. a debit adds money to your account.\n14. a voided check can still be cashed.\n15. an atm allows you to make deposits, withdrawals, and check balances.\n16. a direct - deposit eliminates the need to physically deposit your paycheck.\n17. a cancelled check is one that has been voided before being issued.\n18. a post - dated check is written with a future date.\n19. you must always endorse a check before depositing it.\n20. the balance on a bank statement always reflects outstanding checks.\nmatching (3 points each)\nmatch the term in column a with its correct definition in column b.\ncolumn a\n21. checkbook\n22. credit\n23. outstanding deposit\n24. endorse\n25. check register\ncolumn b\na. record of check numbers, dates, and amounts used for tracking payments\nb. an amount of money added to your account\nc. a deposit made but not yet shown in the bank statement\nd. to sign the back of a check to approve its deposit or cashing\ne. a booklet containing checks and deposit slips

12. overdraft fees occur when a transaction exceeds the account balance.\n13. a debit adds money to your account.\n14. a voided check can still be cashed.\n15. an atm allows you to make deposits, withdrawals, and check balances.\n16. a direct - deposit eliminates the need to physically deposit your paycheck.\n17. a cancelled check is one that has been voided before being issued.\n18. a post - dated check is written with a future date.\n19. you must always endorse a check before depositing it.\n20. the balance on a bank statement always reflects outstanding checks.\nmatching (3 points each)\nmatch the term in column a with its correct definition in column b.\ncolumn a\n21. checkbook\n22. credit\n23. outstanding deposit\n24. endorse\n25. check register\ncolumn b\na. record of check numbers, dates, and amounts used for tracking payments\nb. an amount of money added to your account\nc. a deposit made but not yet shown in the bank statement\nd. to sign the back of a check to approve its deposit or cashing\ne. a booklet containing checks and deposit slips

Answer

Brief Explanations:

  1. Overdraft fees occur when a transaction amount is more than the available account balance, so this statement is True.
  2. A credit adds money to an account, not a debit. A debit subtracts money. So this statement is False.
  3. A voided check is marked as non - negotiable and cannot be cashed. So this statement is False.
  4. ATMs allow for deposits, withdrawals, and balance checks. So this statement is True.
  5. Direct - deposit electronically transfers paychecks, eliminating the need for physical deposit. So this statement is True.
  6. A cancelled check is one that has been voided after being issued, not before. So this statement is False.
  7. A post - dated check has a future date on it. So this statement is True.
  8. You must endorse a check before depositing it to transfer the right of payment. So this statement is True.
  9. The balance on a bank statement may not always reflect outstanding checks until they clear. So this statement is False. For the matching part:
  10. A checkbook is a booklet containing checks and deposit slips. So 21 - E.
  11. Credit is an amount of money added to your account. So 22 - B.
  12. An outstanding deposit is a deposit made but not yet shown in the bank statement. So 23 - C.
  13. To endorse is to sign the back of a check to approve its deposit or cashing. So 24 - D.
  14. A check register is a record of check numbers, dates, and amounts used for tracking payments. So 25 - A.

Answer:

  1. True
  2. False
  3. False
  4. True
  5. True
  6. False
  7. True
  8. True
  9. False
  10. E. A booklet containing checks and deposit slips
  11. B. An amount of money added to your account
  12. C. A deposit made but not yet shown in the bank statement
  13. D. To sign the back of a check to approve its deposit or cashing
  14. A. Record of check numbers, dates, and amounts used for tracking payments