Financial Algebra Voc Test Ch 3 Banking Services

The amount of money in a checking account at the end of a statement period.

• Ending Balance

• Checking Account

• Principal

• Account Number

An annual rate of interest that takes into account the effect of compounding; the simple interest rate that would be required to give the same dollar amount of interest that the compounding gives.

• Money Market Account

• Annual Percentage Rate (APR)

• Annual Percentage Yield (APY)

• Certificate of Deposit (CD)

The process of verifying the bank's records to make sure no errors have been made.

• Starting Balance

• Canceled

• Payee

• Balancing

1. Payroll or other types of checks that are directly and electronically deposited into a bank account

• Check Register

• Direct Deposit

• Simple Interest

• Single Account

A method for calculating interest so that is is paid four times a year, or every three months.

• Daily Compounding

• Quarterly Compounding

• Maintenance Fee

• Continuous Compounding

The ________________ is an irrational number which is a non-terminating, non-repeating decimal with an approximate value of 2.718281828...

• Exponential Base (e)

• Periodic Investment

• Overdraft Protection

• Check Clearing

1. The current value of a deposit that is made in the present time

• Present Value

• Principal

• Account Number

• Starting Balance

Formula that can be used to calculate compound interest; B = p(1 + r/n)nt, where B is the ending balance, p is the principal or original balance, r is the interest rate, n is the number of times that interest is compounded annually, and t is the number of years.

• Money Market Account

• Compound Interest Formula

• Exponential Base (e)

• Overdraft Protection

The value which can be calculated, for how much a one-time deposit should be at a specific interest rate in order to have a certain amount of money saved for future savings goal;

• Future Value of a Single Deposit Investment

• Present Value

• Future Value of a Periodic Deposit Investment

• Present Value of a Single Deposit Investment

The account owner of a check; the person who writes the check

• Payee

• Present Value

• Balancing

• Drawer