Vocabulary
This is your compensation for allowing the bank to hold your money.
What is Interest?
In banking, EFT stands for:
What is Electronic Fund Transfer?
Outstanding checks are checks that
do not appear on the statement
Gary deposits $3,500 in an account that pays 2.15% simple interest. He keeps the money in the account for three years, but doesn’t make any deposits or withdrawals. How much interest will he receive after the three years?
$225.75
A check register keeps track of your debits and credits, which are also know as
What are withdrawals and deposits
A ______________ includes all transactions that have occurred for a period of approximately one month.
What is a bank statement?
Lenny opened a checking account last month. Today he received his first statement. The statement listed five deposits and 22 checks that cleared. Lenny’s check register shows nine outstanding checks. How many checks has Lenny written since the account was opened?
31
How much principal would you have to deposit to earn $500 simple interest in 2 years at a rate of 2%?
$12,500
A ________________ is an account at the bank that allows a customer to deposit money, make withdrawals, write checks, and make transfers from the funds on deposit.
WHAT IS CHECKING ACCOUNT?
Billy Bob's Bank of the Boonies charge $0.09 per check of EFT. If Lucy made 757 transactions last year, how much did she pay in fees?
$68.13
Compare check register to bank statement and check off matching transactions.
How long would $100,000 take to double at a simple interest rate of 6%?
17 years
Whether using paper or electronic statements, you should compare the banks's records with your own to make sure no mistakes have been made. This process is called balancing a checkbook or ____________ a bank statement.
What is reconciling?
Tim cashed a check for $540. The teller gave him 3 $50 bills, 15 $20 bills, and "x" $10 bills. Determine value of "x".
9
What is the process of reconciling a bank account? I'm looking for 6 steps
Outstanding Deposits
Outstanding Withdrawals
Revised Statement Balance
Check Register Balance
Determine of Account Reconciles
Melissa has $18 in a fund she is creating to save for a bike. She adds $6 per week of her babysitting earnings to the fund. If her weekly fund balance is represented by an arithmetic sequence, find the 26th term.
$168