MTH 092 Week 4 Word Scramble
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Question | Answer |
Payor | the person who is sending the money |
Payee | the person receiving the money |
Flat-fee | a bank charge of a fixed amount every month |
Interest paid | a bank charge based on a percentage of checks written |
POS | ”point of sale” terminal – machine used to complete sale with a debit card |
EFT | ”electronic funds transfer” – the transfer of money electronically |
Restricted endorsement | endorsement on a check which states the intended purpose and person |
Blank endorsement | endorsement on a check which just states the person |
Special endorsement | endorsement on a check which states a third party as well as the person |
Balance brought forward | beginning amount |
Balance forward | ending amount |
Check register | a record of transactions kept by the account holder |
Bank Statement | a record of transactions from the bank |
NSF | ”non-sufficient funds” – used when there is not enough money in an account |
DIT | ”deposit in transit” – used for a deposit that has occurred but not yet recorded by bank |
Adjusted bank balance | balance of account after outstanding checks, fees, interest, and DIT adjustments |
deposit slip (ticket) | A record of amounts being deposited |
Reconcilation | The process of adjusting the bank statement and checkbook register to equal amounts |
Created by:
adotson
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