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Questions and Answers
What is a demand deposit?
What is a demand deposit?
- A deposit that can only be withdrawn on specific dates
- A deposit that cannot be withdrawn
- A deposit that can be withdrawn at any time without prior notice (correct)
- A deposit that requires a notice before withdrawal
What does a canceled check indicate?
What does a canceled check indicate?
- The transaction is complete (correct)
- The check has bounced
- The check has not been processed
- The funds are on hold
What happens in an overdraft situation?
What happens in an overdraft situation?
- No withdrawal is allowed
- Withdrawal of more money than available, resulting in a negative balance (correct)
- The bank covers the extra amount withdrawn
- Withdrawal of less money than available, resulting in a positive balance
What does check float refer to?
What does check float refer to?
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What is a joint account?
What is a joint account?
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What is the main characteristic of a demand deposit?
What is the main characteristic of a demand deposit?
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What is the primary feature of a certified check?
What is the primary feature of a certified check?
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What does check float refer to?
What does check float refer to?
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What happens in an overdraft situation?
What happens in an overdraft situation?
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What distinguishes a cashier's check from other types of checks?
What distinguishes a cashier's check from other types of checks?
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