set 5: Bank Accounts

Question 1

banks exist primarily to accept savings deposits for safekeeping

Answer 1

For Individuals

Question 2

the role of banks to business operations

Answer 2

For Businesses

Question 3

for safekeeping of cash

Answer 3

Bank Accounts

Question 4

requires that all cash collections must be deposited intact to the bank as soon as possible

Answer 4

Imprest Cash System

Question 5

all disbursements or payments must be made through the issuance of checks

Answer 5

Imprest Cash System

Question 6

Types of Baking Accounts
> mainly for safekeeping

Answer 6

Savings Account

Question 7

provides a printed record

Answer 7

Passbook

Question 8

ATM

Answer 8

Automated Teller Machine

Question 9

have digital records

Answer 9

ATM cards

Question 10

Types of Baking Accounts
> for regular or frequent payments to various creditors and suppliers

Answer 10

Checking or Current Account

Question 11

doesn’t normally earn interest due to its fluidity

Answer 11

Checking or Current Account

Question 12

funds do not stay for a longer period of time

Answer 12

Checking or Current Account

Question 13

Types of Checking Account
> under the name of the individual account holder

Answer 13

Personal Checking Account

Question 14

used to manage personal finances

Answer 14

Personal Checking Account

Question 15

Types of Checking Account
> under the registered name of the business

Answer 15

Business Checking Account

Question 16

to manage business finances

Answer 16

Business Checking Account

Question 17

a multi-functional card which allows the cardholder to transact with several commercial establishments

Answer 17

Debit Card

Question 18

done by swiping the card through a ________-

Answer 18

Point of Sales (POS)

Question 19

Types of Baking Accounts
> interest bearing bank account having a maturity period
> earn higher interest

Answer 19

Time deposit account

Question 20

time deposit account interest rate

Answer 20

3.5% per annum

Question 21

denominated in foreign currency

Answer 21

Foreign Currency Deposits

Question 22

accomplished every time a deposit is made to a bank account

Answer 22

Deposit Slips

Question 23

savings account interest rate

Answer 23

20%

Question 24

two types of deposit slip

Answer 24

> cash deposit slip
check deposit slip

Question 25

accomplished every time cash is withdrawn from a savings account

Answer 25

Withdrawal slip

Question 26

efficient access to your bank accounts virtually anytime and anywhere

Answer 26

E-banking

Question 27

allows account holders to transfer funds from their bank accounts of their suppliers

Answer 27

Electric Fund Transfer (EFT)

Question 28

EFT

Answer 28

Electric Fund Transfer