40601845
Description
Flashcards by Edilyadiel Gonzalez, updated about 1 month ago
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Created by Edilyadiel Gonzalez
about 1 month ago
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| Question | Answer |
| Checking Account | A bank account used to deposit and withdraw money through checks, debit cards, or transfers. |
| Signature Card | A document that contains the authorized signature(s) of the person(s) allowed to sign checks on an account. |
| Deposit Slip | A form used to record cash and checks deposited into an account. |
| Check | A written order to a bank to pay a specific amount of money to a person or organization. |
| Drawer | The person or company that issues the check. |
| Drawee | The bank that must pay the check. |
| Payee | The person or organization to whom the payment is made. |
| Check Stub | The portion attached to a check used to keep a record of each transaction. |
| Bank Endorsements | Ways of signing a check to authorize deposit or cashing: Endorsement: Only signature, least secure. Full Endorsement: “Pay to the order of…”; only the named person/company can cash. Restrictive Endorsement: “For deposit only”; limits further use of the check. |
| Bank Statement | A monthly document from the bank showing deposits, checks, charges, and balance. |
| Bank Reconciliation | The process of matching the balance in the checkbook with the bank’s balance, identifying deposits in transit, outstanding checks, and errors. |
| Mobile/Online Banking | The use of apps and websites to deposit checks, transfer money, and review balances. |
| Percent | A number expressed in hundredths, indicated by the symbol %. |
| Converting Decimals to Percents | Move the decimal point two places to the right and add %. |
| Converting Percents to Decimals | Remove the percent symbol and move the decimal point two places to the left. |
| Converting Fractions to Percents | Divide numerator by denominator, then multiply by 100 and add %. |
| Converting Percents to Fractions | Remove %, write the number over 100, and reduce to lowest terms. |
| Portion Formula | P = B × R (Portion = Base × Rate). |
| Portion | The part of a whole (example: 20% of 50 = 10). |
| Base | The total or starting amount on which a percent is calculated. |
| Rate | The number expressed as a percent that shows the proportion of the base. |
| Percent Increase | (New amount – Original amount) ÷ Original amount] × 100. |
| Percent Decrease | [(Original amount – New amount) ÷ Original amount] × 100. |
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