Financial Quizzes-The service that allows a checking

Answer to Quiz

The service that allows a checking account owner to use a savings account or line of credit for protection in case the owner exceeds his checking amount balance is called:

Answer: (b), overdraft protection
"Overdraft protection" is a service that allows a checking account owner to use a savings account or line of credit for protection in case the owner exceeds his or her checking account balance. The overdraft protection protects the account holder from bouncing a check, as the financial institution clears the check even if the account does not have sufficient funds in the checking account.

Next Quiz:

A statement that sets forth the capitalization of the company is called:

(a) An income statement
(b) A P & L statement
(c) A capitalization table
(d) Bylaws

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