10 Questions
What is a demand deposit?
A deposit that can be withdrawn at any time without prior notice
What does a canceled check indicate?
The transaction is complete
What happens in an overdraft situation?
Withdrawal of more money than available, resulting in a negative balance
What does check float refer to?
Time for check processing and fund transfer
What is a joint account?
Bank account shared by two or more individuals
What is the main characteristic of a demand deposit?
It can be withdrawn at any time without prior notice
What is the primary feature of a certified check?
The bank guarantees it will clear
What does check float refer to?
The time it takes for a check to be processed and funds transferred
What happens in an overdraft situation?
Withdrawn amount exceeds available balance, resulting in a negative balance
What distinguishes a cashier's check from other types of checks?
It is issued by a bank, guaranteeing the funds
Test your knowledge of banking and finance terminology with this quiz covering demand deposits, canceled checks, overdrafts, and check float.
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