K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) O A. no longer offer a record of payment, but they often pay interest. OB. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. O D. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) OA. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. OC. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OD. a loan, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. Stop payment orders are: (Select the best answer below.) OA. orders by the bank telling the depositor not to honor a particular check. OB. orders by the depositor telling the bank not to honor all checks written on a particular day. OC. orders by the bank telling the depositor not to honor all checks written on a particular day. OD. orders by the depositor telling the bank not to honor a particular check. Bank fee structures: (Select the best answer below.) OA. vary among financial institutions and should be compared before accounts are opened. OB. vary among financial institutions, but should not be compared. OC. vary among financial institutions and should be compared after accounts are opened. OD. are the same at all financial institutions and therefore do not need to be compared.
K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) O A. no longer offer a record of payment, but they often pay interest. OB. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. O D. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) OA. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. OC. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OD. a loan, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. Stop payment orders are: (Select the best answer below.) OA. orders by the bank telling the depositor not to honor a particular check. OB. orders by the depositor telling the bank not to honor all checks written on a particular day. OC. orders by the bank telling the depositor not to honor all checks written on a particular day. OD. orders by the depositor telling the bank not to honor a particular check. Bank fee structures: (Select the best answer below.) OA. vary among financial institutions and should be compared before accounts are opened. OB. vary among financial institutions, but should not be compared. OC. vary among financial institutions and should be compared after accounts are opened. OD. are the same at all financial institutions and therefore do not need to be compared.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3QY: Which of the following does not explain the differences between the bank statement balance and the...
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Transcribed Image Text:K
Checking Accounts. Why do individuals use checking accounts? What is the
disadvantage of having funds in a checking account? Explain overdraft protection and
stop payment orders. Are all bank fee structures the same?
Checking accounts: (Select the best answer below.)
O A. no longer offer a record of payment, but they often pay interest.
OB. are used by people with insufficient funds in savings accounts.
C. have varying fees and often pay substantial interest.
O D. enable people to have a record of payment, but they often pay no interest.
Overdraft protection is: (Select the best answer below.)
OA. a loan, usually at high interest rates, that a bank gives certain customers when
they don't have sufficient funds in their accounts to cover checks they have
written.
OB. required by law.
OC. a service, usually at no charge, that a bank gives certain customers when
they don't have sufficient funds in their accounts to cover checks they have
written.
OD. a loan, usually at no charge, that a bank gives certain customers when they don't
have sufficient funds in their accounts to cover checks they have written.
Stop payment orders are: (Select the best answer below.)
OA. orders by the bank telling the depositor not to honor a particular check.
OB. orders by the depositor telling the bank not to honor all checks written on a
particular day.
OC. orders by the bank telling the depositor not to honor all checks written on a
particular day.
OD. orders by the depositor telling the bank not to honor a particular check.
Bank fee structures: (Select the best answer below.)
OA. vary among financial institutions and should be compared before accounts are
opened.
OB. vary among financial institutions, but should not be compared.
OC. vary among financial institutions and should be compared after accounts are
opened.
OD. are the same at all financial institutions and therefore do not need to be
compared.
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