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1. What is the purpose of a bank reconciliation?
A
To apply for a loan
B
To ensure that the bank's records match the company's records
C
To calculate interest on a savings account
2. From what businessess protect their cash
A
Loans
B
Theft and Loss
C
Forgary and embezzelment
3. What is the purpose of a signature card?
A
To verify the account holder's signature
B
To track account transactions
C
To request a new checkbook
4. What is the purpose of a stop payment order?
A
To close a bank account
B
To transfer funds between accounts
C
To prevent a specific check from being cashed
5. What is the purpose of a bank statement?
A
To provide a record of a bank account activity
B
To request a loan
C
To deposit cash into an account
6. What is the purpose of a wire transfer?
A
To electronically transfer funds between banks
B
To withdraw cash from an ATM
C
To apply for a credit card
7. Example of cash controls
A
Limit number of users
B
Using cash register and safe
C
All of the above
8. What is a checking account?
A
To open a new bank account
B
Allows a person or business to deposit cash in a bank and write checks against the account balance.
C
Business that has cash on deposit in a bank.
9. Important facts about making a deposit.....,
A
Business makes regular deposits to protect the currency, coins, and checks it receives.
B
Deposits are made on a monthly basis
C
To ensure payment to a third party in case of default
10. What is the purpose of a safe deposit box?
A
To request a new checkbook
B
To deposit cash into an account
C
To securely store valuable items