Introduction to Business – Chapter 29 Vocabulary – Flashcards
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Demand Deposits
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Each check a customer writes is an ordr to the bank to release money from the account demanded.
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Interest Bearing Account
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A checking account that earns interest on your acccount's balance.
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Signature Card
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A record of your signature used by the bank to verify your identity.
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Overdrawing
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Writing a check for more money than you actually have in your account.
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Overdraft Protection
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A line of credit for overdrawn checks.
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Stop Payment
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An order for a bank not to cash a particular check.
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Debit Card
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Like a credit card but money is taken directly from your checking account whe you use it rather than charging the amount to a credit account.
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Check Register
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Your checkbook log where you keep track of all your checking transactions.
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Endorsement
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The signature of the payee on the back of the check.
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Bank Statement
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The bank's record of all the transactions in your checking account.
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Canceled Checks
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Checks you've written that have been cashed.
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Bank Reconciliation
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The process of seeing whether your records agree with the bank's records for your account.
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Outstanding Checks
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Checks that have been written but haven't yet been cashed.
