Flashcards
Chapters 4 & 6 – Banking and Percents Key Terms
Cards in this deck (23)
- 1Checking AccountA bank account used to deposit and withdraw money through checks, debit cards, or transfers.
- 2Signature CardA document that contains the authorized signature(s) of the person(s) allowed to sign checks on an account.
- 3Deposit SlipA form used to record cash and checks deposited into an account.
- 4CheckA written order to a bank to pay a specific amount of money to a person or organization.
- 5DrawerThe person or company that issues the check.
- 6DraweeThe bank that must pay the check.
- 7PayeeThe person or organization to whom the payment is made.
- 8Check StubThe portion attached to a check used to keep a record of each transaction.
- 9Bank EndorsementsWays of signing a check to authorize deposit or cashing:
Endorsement: Only signature, least secure. Full Endorsement: “Pay to the order of…”; only the named person/company can cash. Restrictive Endorsement: “For deposit only”; limits further use of the check. - 10Bank StatementA monthly document from the bank showing deposits, checks, charges, and balance.
- 11Bank ReconciliationThe process of matching the balance in the checkbook with the bank’s balance, identifying deposits in transit, outstanding checks, and errors.
- 12Mobile/Online BankingThe use of apps and websites to deposit checks, transfer money, and review balances.
- 13PercentA number expressed in hundredths, indicated by the symbol %.
- 14Converting Decimals to PercentsMove the decimal point two places to the right and add %.
- 15Converting Percents to DecimalsRemove the percent symbol and move the decimal point two places to the left.
- 16Converting Fractions to PercentsDivide numerator by denominator, then multiply by 100 and add %.
- 17Converting Percents to FractionsRemove %, write the number over 100, and reduce to lowest terms.
- 18Portion FormulaP = B × R
(Portion = Base × Rate). - 19PortionThe part of a whole (example: 20% of 50 = 10).
- 20BaseThe total or starting amount on which a percent is calculated.
- 21RateThe number expressed as a percent that shows the proportion of the base.
- 22Percent Increase(New amount – Original amount) ÷ Original amount] × 100.
- 23Percent Decrease[(Original amount – New amount) ÷ Original amount] × 100.
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- Description
- This flashcard set covers the key terms from Chapter 4: Banking and Chapter 6: Percents and Their Applications of Practical Business Math Procedures (14th Edition). It includes essential concepts of banking (accounts, checks, deposits, endorsements, statements, reconciliations, online banking) and percents (conversions, portion formula, base, rate, increases and decreases). The set helps students review and prepare for quizzes and exams in business math.
- Created by
- Edilyadiel Gonzalez
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