37545591
Description
Flashcards by Katrina Smith, updated more than 1 year ago
|
Created by Katrina Smith
almost 2 years ago
|
|
| Question | Answer |
| Chapter 4 | Key terms |
| Automatic Teller Machine (ATM) | Automatic teller machine that allows customer of a bank to transfer funds and make deposits or withdrawals |
| Bank Reconciliation | Process of Comparing the bank balance to the checkbook balance so adjustments can be made regarding checks outstanding, deposits in transit, and the like |
| Bank Statement | Report sent by the bank to the owner of the checking account indicating checks processed, deposits made, and so on, along with beginning and ending balances. |
| Banking apps | Special client application programs like checking account balances, paying bills, and transferring funds for those doing online banking. |
| Blank endorsement | Current owner of check signs name on back. Whoever presents check for payment received the money |
| Check | Written document signed by appropriate person that directs the bank to pay a specific amount of money to a particular person or company |
| Check register | Record-keeping device that records checks paid and deposits made by companies using a checking account |
| Check stub | Provides a record of checks written. It is attached to the check. |
| Credit Memo (CM) | Bank Transactions that increases customer's account. |
| Debit Card | Transactions result in money being immediately deducted from customer's checking account. |
| Debit Memo (DM) | A debit transaction bank does for customers |
| Deposit slip | Docoument that shows date, name, account number, and items making up a deposit |
| Deposits in transit | Deposits not received or processed by bank at the time the bank statement is prepared |
| Draft | Written orders like checks instructing a bank, credit union, or savings and loan institution to pay your money to a person or organization |
| Drawee | One ordered to pay the check |
| Drawer | One who writes the check |
| Electronic funds transfer | A computerized operations that electronically transfer funds among parties without the use of paper checks |
| Endorse | Signing the back of the check; thus ownership is transferred to another party |
| Full Endorsement | This endorsement identifies the next person or company to whom the check is to be transferred. |
| Mobile Banking | Doing Banking transactions on a mobile device such as a smartphone or tablet |
| Nonsufficient funds (NSF) | Drawer's account lacked sufficient funds to pay written amount of check |
| Outstanding checks | Checks written but not yet processed by the bank before bank statement preparation |
| Overdrafts | Occurs when company or person wrote a check without enough money in the bank to pay for it (NSF check) |
| Payee | One who is named to receive the amount of the check |
| Restrictive endorsement | Check must be deposited to the payee's account. this restricts one from cashing it. |
| Signature card | Information card signed by person opening a checking account |
Want to create your own Flashcards for free with GoConqr? Learn more.