unit 10, banking

Question 1

a fee for the privilege of writing checks

Answer 1

monthly service charge

Question 1

when you put money into a bank account you are the:

Answer 1

depositor

Question 2

the amount in the account:

Answer 2

bank balance

Question 3

used to put money into the account

Answer 3

deposit slips

Question 4

when the checks are listed, _____ of each check should be given

Answer 4

transit number

Question 5

record of checks written, deposits made, and the current balance

Answer 5

register

Question 6

checks that have been cashed

Answer 6

canceled checks

Question 7

most likely the bank statement balance and the checkbook (will/will not) agree

Answer 7

will not

Question 8

checks written but not yet cashed

Answer 8

outstanding checks

Question 9

since the bank statement and the checkbook records do not usually agree, it is necessary to _____

Answer 9

reconcile

Question 10

a promise to repay the loan with interest by a specific date

Answer 10

promissory note

Question 11

something equal or greater in value than the amount of the loan

Answer 11

collateral

Question 12

a fee charged for the use of money

Answer 12

interest

Question 13

simple interest formula:

Answer 13

i = prt