OKMM – Financial Accounting Quiz

Step 1 of 6 - Question 1

16%

Company

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How would you like to take this quiz?(Required)

Just practicing

Track for my class

Email Address(Required)

Your quiz scores will be saved. When you finish all quizzes in a topic, your teacher will receive a summary of your results.

What can happen if you spend more than you have in your bank account?(Required)

The bank will forgive the mistake once

You'll owe overdraft fees or an insufficient funds charge

Your account balance automatically resets

You earn bonus interest

What do you usually need to open a checking or savings account?(Required)

Photo ID, proof of address, and your Social Security number

Cash and a cell phone number

A friend to cosign and your birth certificate

An existing credit card and a utility bill

What does it mean to "reconcile" your account?(Required)

Combine your checking and savings into one account

Transfer all your money into cash

Ask the bank to delete old transactions

Match your own money records with the bank's statement to find mistakes

Which of these is a way to add money to your bank account?(Required)

Direct deposit of your paycheck

Depositing cash with a bank teller

All of the above

Mobile deposit of a check using your phone's camera

Why keep accurate money records?(Required)

To clearly see how much you have, spend, and save

To impress your friends with big numbers

To make your account statements disappear

So banks will automatically lower your fees

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