3-3 Check Basics Flashcard Business U

Front

What is a Bank Account Number used for?

Back

To identify a specific bank account within a financial institution

Front

What does a Blank Endorsement involve?

Back

A check with the payee’s signature and no further instructions.

Front

What is a Deposit Slip?

Back

A form that outlines sources and amounts of money being deposited.

Front

What is the purpose of an Endorsement?

Back

To authorize the legal transfer of funds between parties

Front

What is an Endorsement in Full also known as? Options: Blank Endorsement, Restrictive Endorsement, Special Endorsement, Deposit Slip

Back

Special Endorsement

Front

Who is a Payee?

Back

The recipient of a payment.

Front

Who is a Payer?

Back

The party who makes a payment.

Front

What does a Restrictive Endorsement involve?

Back

A check signed by the payee with specific instructions.

Front

What is a Routing Number?

Back

A nine-digit code used to identify a financial institution.

Front

An interest-bearing deposit account held at a bank or other financial institution.

Back

Saving Account