payable only to the individual who is named on the check, becoming less accepted

check that a bank draws on its own funds, charges the amount of a check and fee, very accepted

Reconciliation process

using a bank statement and the check register to bring the balances into agreement

Purposes of budgeting

buy wisely, live within income, achieve financial goals, plan for emergency

Setting financial goals, Planning categories, Maintaining records, Evaluate budget

determine where you want to be financially, consider needs, wants & standard of living

Income & expense changes, be prepared

Checking account advantages

safety, convenience, proof/record of finances

Higher min balance, earn interest on balance, higher monthly charges, higher fees

Small services charges and min balance, checks, less requirements

ATM, mobile deposit, direct deposit, transfers

written evidence that you received a payment or transferred your right to someone else, allows recipient of the check to cash, deposit, or transfer it

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Financial literacy

Question	Answer
Personal check	payable only to the individual who is named on the check, becoming less accepted
Cashier check	check that a bank draws on its own funds, charges the amount of a check and fee, very accepted
Reconciliation process	using a bank statement and the check register to bring the balances into agreement
Purposes of budgeting	buy wisely, live within income, achieve financial goals, plan for emergency
Creating a budget	Setting financial goals, Planning categories, Maintaining records, Evaluate budget
financial goals	determine where you want to be financially, consider needs, wants & standard of living
Evaluate your budget	Income & expense changes, be prepared
Checking account advantages	safety, convenience, proof/record of finances
Interest checking	Higher min balance, earn interest on balance, higher monthly charges, higher fees
Regular checking	Small services charges and min balance, checks, less requirements
4 ways to deposit	ATM, mobile deposit, direct deposit, transfers
what to do if you make a mistake on a check	void it
Endorsement	written evidence that you received a payment or transferred your right to someone else, allows recipient of the check to cash, deposit, or transfer it
How is net worth calculated	assets - liabilities
Cost of borrowing money from the bank	interest
Item NOT used in reconciling	cash transactions

Created by: user-2024036

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