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
