Intro to business chapter 28&29

In order to keep your check register for your interest-bearing account in balance with your bank statement, you should ____ your check register.

add the interest to

The process of seeing whether and an account holder's records agree with the bank's records for the account is called ____.

bank reconciliation

A _____ number traces the check back to the account on which it was written.

bank route

After the money is paid, the check writer's bank _____ the check.

cancels

A written order directing a financial institution to pay money is called a ____.

check

A bank card that immediately takes money from a checking account after use is a(n) ____.

debit card

Amounts that are taken out of your pay before you receive your paycheck are called _____.

deductions

The first step in the financial planning process involves _____.

determining your current situation

The process that allows electronic transfers of payments directly from an employer's account to an employee's account is called _____.

direct deposit

The financial institution where the person who wrote the check has an account is called a ____.

drawee

The party who wrote the check and is paying the money is called the ____.

drawer

If you have an interest-bearing checking account, you ____.

earn interest on your balance

The signature of the payee on the back of the check is called a(n) _____.

endorsement

Expenses that occur regularly and are regularly paid are called _____.

fixed expenses

A general increase in the cost of goods and services is called _____.

inflation

A checking account that allows two people who share equal responsibility for the account to write checks is called a _____ account.

joint

If your gross pay for one week is $1000, your net pay will be ____.

less than $1000

Diversification of your assets is one way to _____ risk.

limit

The ability to easily convert your financial resources into cash without loss in value is called ____.

liquidity

Personal finance refers to all the things in your life that involve ________.

money

A method of planning to get the most from one's money is called ____.

money management

Take home pay is another name for ____.

net pay

Part of the ____ of going is the money you would have made it a full-time job.

opportunity cost

Checks that have been written but not yet crashed are called ____ checks.

outstanding

If you write a check for more than you have in your account, the bank will cover the check up to a certain amount if you have _____.

overdraft protection

When a person writes checks for more money than the balance in his/her account, the account is _____.

overdrawn

The party to whom the check is written is called the _____.

payee

The person to whom a check is written is called the ____.

payee

A good budget helps people set ____ for spending and saving, and it also helps track their money.

priorities

Planning your personal finances is important because it will help you ______.

reach your goals

An account holder records transactions in a checkbook _____.

register

The last step in the financial planning process involves _____.

reviewing and revising your plan

The first step in the budgeting process is ____.

set goals

Planning a budget involves _____ steps.

seven

A bank record of an account holder's signature used to verify identity is a(n) _____.

signature card

The financial planning process has ______ steps.

six

If you spend less than you budgeted you will have a budget ____.

surplus

There are usually _____ people, or parties, named on a check.

three

What you give up when you make one choice instead of another is sometimes called a _____.

tradeoff

The difference between a budgeted amount and the actual amount you spend is called a budget _____.

variance