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Practical Business Math Procedures - Chapter 4 Key Terms Flash Cards
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- 1Automatic teller machine (ATM)Machine that allows customer of a bank to transfer funds and make deposits or withdrawals.
- 2Bank reconciliationProcess of comparing the bank balance to the checkbook balance so adjustments can be made regarding checks outstanding, deposits in transit, and the like.
- 3Bank statementReport sent by the bank to the owner of the checking account indicating checks processed, deposits made, and so on, along with beginning and ending balances.
- 4Banking appsSpecial client application programs like checking account balances, paying bills, and transferring funds for those doing online banking.
- 5Blank endorsementCurrent owner of check signs name on back. Whoever presents checks for payment receives the money.
- 6CheckWritten documents signed by appropriate person that direct the bank to pay a specific amount of money to a particular person or company.
- 7Check registerRecord-keeping device that records checks paid and deposits made by companies using a checking account.
- 8Check stubProvides a record of checks written. It is attached to the check.
- 9Credit memo (CM)Bank transactions that increase customer's account.
- 10Debit cardTransactions result in money being immediately deducted from customer's checking account.
- 11Debit memo (DM)A debit transaction a bank does for customers.
- 12Deposit slipDocument that shows date, name, account number, and items making up a deposit.
- 13Deposits in transitDeposits not received or processed by bank at the time the bank statement is prepared.
- 14DraftWritten orders like checks instructing a bank, credit union, or savings and loan institution to pay your money to a person or organization.
- 15DraweeBank ordered to pay a check.
- 16DrawerOne who writes the check.
- 17Electronic funds transfer (EFT)A computerized operation that electronically transfers funds among parties without the use of paper checks.
- 18EndorseSigning the back of the check; thus ownership is transferred to another party.
- 19Full endorsementThis endorsement identifies the next person or company to whom the check is to be transferred.
- 20Mobile bankingForm of accessing bank accounts through smartphones or tablets.
- 21Nonsufficient funds (NSF)Drawer's account lacked sufficient funds to pay written amount on check.
- 22Outstanding checksChecks written but not yet processed by the bank before bank statement preparation.
- 23OverdraftsWhen a check bounces back to the company or the person that received it, or what happens when the customer writes a check without enough money in their account to pay for it.
- 24PayeeTo whom a check is payable.
- 25Restrictive endorsementCheck must be deposited to the payee's account. This restricts one from cashing it.
- 26Signature cardInformation card signed by person opening a checking account.
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- Beschreibung
- Flash cards for the Key Terms section of Practical Business Math Procedures Chapter 4.
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- DANIEL OLDHAM
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