Show:
Credit Cards
Debit Cards
Vocabulary
Bank Statements & Reconciliation
Savings & Checking Accounts
100

True/False: You are actually borrowing money from a credit card company when you purchase something using a credit card

True

100
Who distributes debit cards? Companies or the bank?
The bank
100

What are the controls called that protect a business from within? These look to protect against waste, efficiency, and theft.

Internal Controls

100

Fees charged by the bank will show up on your bank statement as what? A debit or credit?

Fees will be credited out of your account.

100
Money in your checking account should be used for emergencies only. True or False
False- checking account money should be used for everyday things, like bills or money to go out to dinner
200
A credit card company will send you a bill how many times per month?
Once or every 30 days
200
What have debit cards taken the place of?
Written Checks
200

What are checks called that have gone through the entire accounting cycle and show up on your online bank records?

Cancelled or Cleared Checks

200

Checks or deposits that have not gone through the cycle and do not show up on your online/print statements.

Outstanding

200

 A Debit balance in bank statement represents what?

A negative balance. TROUBLE. DEBT

300
What is an example of a credit card company/provider?
American Express, Discover, Mastercard
300
True or false: Banks will charge you a fee for having a low balance in your checking account if you have a debit card.
False- banks will only charge you a fee on savings accounts
300

The form a depositor signs to give the bank a copy of the official signatures of any persons authorized to sign checks

Signature Card

300

What do we call a check that the bank refused to pay the payee because the drawer has insufficient funds in his current account?

dishonored check

300
You can take money out of your checking account _________ many times per month
Unlimited- you can take money from your checking account as many times as you want every month
400
What is the money that you pay for every dollar that you spend? Usually represented by a percent. When you sign up for a credit card, this is the __________ rate that you will pay per month.
Interest
400
When you purchase something with your debit card, the money you spend does not come out of your account until the end of the week. True or False
False: the money comes out of your account immediately
400
When you have less money in your checking account than you actually spent. You are spending more than you have. What is that money known as? You will bounce a check when this happens
Insufficient funds, Non sufficient funds
400
What happens when you have a low balance (below the balance the bank requires) in your savings account?
The bank will charge you a fee
400

What is the term called when you spend more money than you have in your checking account?

You bounce a check/ your debit card will be declined. This is commonly called an overdraft. 

500
True or False: The most responsible way to pay off a credit card bill is to pay the most you can every month.
True
500
When you use your debit card, you are taking money out of which account? savings or checking
Checking Account
500
What is the amount of money that you have in your bank account?
Balance
500

Differences in bank statement and Cash account, are due to ____ of recording transactions and result of ____ (either by business or bank).

A. errors, timing
B. timing , errors
C. debits, carelessness
D. credits, internal controls

B. Timing and Errors

500

The number of ______________ (taking money out of the account) is limited with a savings account or you will be charged a fee.

withdrawals