Chapyer 5.2

Front

What is a debit card recorded as on a check stub?

Back

"other" on the check stub to keep the checkbook balanced.

Front

What is a debit card?

Back

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.

Front

What is a dishonored check?

Back

A check that a bank refuses to pay.

Front

What is petty cash?

Back

A small amount of physical cash kept by a business to pay for minor, everyday expenses like office supplies, postage, or small deliveries.

Front

What can flowcharting help with?

Back

Understand the bank reconciliation process more.

Front

What is the purpose of a check stub?

Back

To keep track of transactions and maintain a balanced checkbook.

Front

What does it mean to reconcile a bank statement?

Back

To compare the bank statement with the checkbook to ensure they match.

Front

What is a bank service charge?

Back

A fee charged by the bank for account maintenance or services.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from a checking account, while a credit card allows borrowing up to a certain limit.

Front

What is an example of a minor expense that might be paid with petty cash?

Back

Office supplies.