68 Percent Change ,Bank reconciliation, checking, saving, Budget

Front

What is a bank reconciliation?

Back

A bank reconciliation is the process of comparing a bank statement with a check register to ensure that the amounts match and to identify any discrepancies.

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What is the purpose of a checking account?

Back

A checking account is used for everyday transactions, allowing individuals to deposit and withdraw money, write checks, and use debit cards.

Front

What is a savings account?

Back

A savings account is a bank account that earns interest on deposits and is used for saving money over time.

Front

How do you calculate percent change?

Back

Percent change is calculated by taking the difference between the new value and the old value, dividing by the old value, and then multiplying by 100.

Front

What is the formula for calculating percent of a number?

Back

To find the percent of a number, multiply the number by the percent (in decimal form). For example, to find 20% of 50, calculate 50 * 0.20 = 10.

Front

What does it mean if a bank fee appears only on a bank statement?

Back

It means that the fee was charged by the bank and is not recorded in the check register, indicating a cost incurred that the account holder may not have anticipated.

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What is an outstanding check?

Back

An outstanding check is a check that has been written and recorded in the check register but has not yet cleared the bank.

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What is a direct deposit?

Back

A direct deposit is an electronic transfer of money directly into a bank account, often used for payroll.

Front

How do you determine if a percentage has increased or decreased?

Back

To determine if a percentage has increased or decreased, compare the new percentage to the old percentage. If the new percentage is higher, it has increased; if lower, it has decreased.

Front

What is the significance of a budget?

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A budget is a financial plan that outlines expected income and expenses, helping individuals manage their finances effectively.