Chapter 2 Checking Account Vocabulary

Define the term 'Checks'.

• A method of payment

• A type of clothing pattern

• A form of examination

• A type of chess move

Tags

CCSS.L.5.5C

Define the term 'Checking account'.

• A type of bank account that allows easy access to funds.

• A long-term savings account with fixed interest.

• An investment account for buying stocks.

• A retirement savings account.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Demand Deposits are defined as:

• Deposits that can be withdrawn without any prior notice

• Deposits that require a fixed term before withdrawal

• Deposits that earn a fixed interest rate

• Deposits that are used for long-term investments

A 'Low-balance account' is defined as:

• An account with a balance below a certain threshold

• An account with a high interest rate

• An account with no transaction fees

• An account that requires a minimum deposit

Define the term 'Average balance account'.

• An account that calculates the average balance over a specific period.

• An account that only holds a fixed amount of money.

• An account used for daily transactions.

• An account that does not earn any interest.

Interest is defined as:

• The cost of borrowing money

• A type of investment

• A financial institution

• A method of saving money

Define the term 'Blank endorsement'.

• A signature by the payee on the back of a negotiable instrument

• A type of endorsement that restricts further transfer

• An endorsement that specifies no conditions

• A signature that invalidates the instrument

Define the term 'Reconciliation'.

• The process of making one view or belief compatible with another

• A method of financial auditing

• A type of conflict resolution

• A form of negotiation

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Define the term 'Canceled Check'.

• A check that has been paid and cleared by the bank

• A check that has been voided and cannot be used

• A check that is post-dated and not yet valid

• A check that has been lost or stolen

Define the term 'ATM'.

• Automated Teller Machine

• Air Traffic Management

• Asynchronous Transfer Mode

• At The Moment

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4