Question

question 4 (1 point)
it is not necessary to verify the accuracy of your bank statement each month.
true
false

question 5 (1 point)
it is not necessary to report unauthorized transactions on your checking account.
true
false

question 6 (1 point)
what serves as proof of payment if a dispute arises?
a overdraft
b cancelled check
c floating a check
d joint account

question 7 (1 point)
what does nsf stand for if marked on a check?
a national student federation
b non - secure funds
c national science foundation
d non - sufficient funds

Explanation:

• Question 4: Verifying bank - statement accuracy monthly helps detect errors and fraud, so it is necessary.
• Question 5: Unauthorized transactions on checking accounts must be reported promptly to protect funds and prevent further losses.
• Question 6: A cancelled check shows that a payment has been made and processed, serving as proof of payment in case of a dispute.
• Question 7: NSF on a check stands for Non - Sufficient Funds, indicating there are not enough funds in the account to cover the check amount.

Answer:

• Question 4: B. False
• Question 5: B. False
• Question 6: B. Cancelled Check
• Question 7: D. Non - Sufficient Funds