the amount of money needed to start up a business
(COGS is Cost of Goods Sold)
100
What is a balance in your ledger?
It tells the amount of money you have in your checking or savings account
100
What does it mean to reconcile your account in your ledger?
to add and subtract the checks, deposits, and withdrawals made to your account
100
What is on the top right hand corner of the check?
check number
100
What is important to do first: paying your bills or paying for fun
paying your bills
200
What is net income or net profit?
money earned once the initial investment has been paid back
200
What is termperature?
hot or cold
200
What is the difference between a bank and an ATM?
An ATM is a part of the bank that you can go to without actually seeing a teller (a person at the bank)
200
What is it called when the writer of the check puts his or her name in cursive?
signature
200
What happens if you bounce a check?
you don't have enough money in your account to pay for that item or bill so you will owe extra money to the bank to cover that cost
You get bad credit
300
What does it mean to be in the red?
negative balance, bad for your bank account
300
What is and expense?
the money you spend on services, bills, or goods in your community
300
What is the check signature?
In cursive on the bottom of the check. The check is not valid without it
300
What two ways is the amount of the check written on a check?
in numbers and in words
300
Why is it important to keep track of the checks you write and the deposits you make?
To know how much you have in your account so you can pay your bills on time and not overdraw and make your checks bounce
400
What does it mean to be in the black?
good for business. When your bank account has a positive balance
400
What is the difference between positive (+) and negative (-) balances?
Positive (+) means you have money added to your account
Negative (-) means you have money taken out of your account
400
What is a service project?
when you volunteer your time and do not get paid in cash
400
What follows the amount written in words?
00/100 and then a --------------------------------------------
400
Name 2 reasons why you would want to pay your bills on time
1. so you keep good credit
2. so you keep your stuff, apartment, or utilities
500
What is an expense?
the money you spend on items
500
What is the difference between a check and a ledger?
a check is written to businesses or people and it tells the amount of money leaving your account.
A ledger is what you use to keep track of these amounts of money coming and going
500
Where is the tax insurance cost information from a job give to you?
it is posted on your paycheck
500
What is in the top left corner of a check?
the name and address of the checking account holder
500
Name 3 ways you could pay a bill
1. over the phone you could use a credit card
2. write a check and take it in or mail it
3. automatic withdrawal from your checking account