5.1
What is identity theft?
Someone gathers enough information about you to fraudulently establish credit cards or borrow money using your name and personal information.
How do you find Net credit-card sales?
Net credit-card sales = Total credit-card sales - Total credit-card refunds
What does it mean when a check bounces?
Writing a check without sufficient funds in the account.
Name one way you can protect yourself from identity theft.
Answers can vary. Examples: shred documents with important and sensitive information, collect your mail regularly, etc.
What is credit history?
Businesses are charged fees whether customers pay using credit cards, debit cards, or through mobile payment on a smartphone. True or false?
True.
Name a reason to look at a bank statement.
Answers may vary (have to have something that was from the textbook or my powerpoint slides).
What are the three D's of Identity theft?
Defend, Detect, and Deter
Name one of the three types of check endorsements.
Blank, restricted, or special endorsement.
Here are credit-card sales and credit-card refunds made early one morning at Rose Gardens (Credit-card sales: $82.31, $38.18, $249.33, $46.80, $146.50, $78.80, $470.15, $320.90; Credit-card refunds: $43.83, $85.95). Find the total credit-card sales, the total credit-card refunds, and the net credit-card sales.
Total sales: $1432.97
Total refunds: $129.78
Net Sales: $1303.19
What are unpaid checks called (checks that have not shown up on the bank statement yet)?
Checks outstanding.
Describe/define what a restricted endorsement is.
Includes "For Deposit Only" followed by other information such as the name of a person or a company and checking account number.
Find the monthly service charge for the following Business accounts. Omni computer, 38 checks written, average balance $938.
Bill had the following sales late one afternoon: $58.20, $41.17, $18.67, and $137.10. Find the extra amount of service charges that must be paid if all transactions were made using a credit card with a bank fee of 2.25% compared to all transactions made using a debit card with a charge of $0.21 per swipe.
$4.90
Why might a checking account not balance?
Answers can vary.
What is a debit card?
A card that looks like a charge card but instantly transfers funds from the purchaser's bank account to the merchant's. Its use requires a PIN (personal indentification number).