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Explor Bus Unit 3

Exploring Business & Marketing Unit 3: Personal Finance

QuestionAnswer
advantages of a checking account 1)convenience 3)proof of payment 2)safety 4)record of finances
check register a form for recording deposits and payments in a checkbook
deposit slip slip to put money into an account
service charge fee a bank charges
payee "pay to the order of" - person getting paid, person wrote check to.
overdrawing writing a check for more than you have in your account
bank statement monthly report that shows condition of a bank account
interest rate of interest when borrowing money
maturity date when the loan paid off or last payment date or becomes due
mortgage home loan,legal document that allows a bank to claim your property
insurance financial protection against loss - limits risk!
deductible The amount you pay on a claim before the insurance company will- amount you are liable for
claim request for insurance company to pay you
premium how much you pay every month or every six months
forgery writing another persons name without their consent
bank reconciliation balancing your checkbook - the process of getting your bank statement and check register to equal
Cancelled Check A Check that has been processed or cleared through the bank
Outstanding Check A check that has been written but has not processed through the bank
Principal The original amount borrowed
Check a written order instructing your bank to pay money to someone or to an entity.
Joint Checking account owned by 2 or more people, usually sharing house and expenses, each person has equal access to account.
Risk the possibility of incurring a financial loss
P*R*T formula used to calculate interest on a loan.
Checkwriting Tips Never write a check to Cash!
Installment loan a loan repaid with interest in equal periodic payments
Created by: mrkrey
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