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Chapter 5 Checking

QuestionAnswer
Checking Account A bank account from which payments can be ordered by a depositor.
Endorsement A signature or stamp on the back of a check transferring ownership.
Blank Endorsement An endorsement consisting only of the endorser's signature.
Special Endorsement An endorsement indicating a new owner of a check.
Restrictive Endorsement An endorsement restricting further transfer of a check's ownership.
What does FDIC stand for? Federal Deposit Insurance Corporation
What does the FDIC do? Protects depositors from banks that fail. Bank deposits are generally covered up $100,000 per depositor.
When completing a check, what should you do first? Complete the check stub information so that you do not forget.
What is a voided check? A check that contains errors and is not being used.
Bank statement A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
Bank reconciliation Form used to verify that the information on the bank statement and in your check register agree.
Bank service charge A fee deducted from your account for a service such as an ATM withdrawal, non sufficient funds, etc.
Dishonored check A check that the bank refuses to pay.
Electronic funds transfer (EFT) Computerized cash payment system that transfers funds without the use of checks, currency, or other paper documents.
What does ATM stand for? Automated Teller Machine
Debit card A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.
Petty cash An amount of cash kept on hand and used for making small payments.
Petty cash slip A form showing proof of a petty cash payment.
Created by: lbeddow