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BizTown Vocabulary

Unit 2

What is an application? A form used in making a request
What is a checkbook balance? the difference between the debit total and the credit total of an account.
What does it mean to bounce a check? To write a check drawn on an account with insufficient funds
What is a checking account? An account that allows the owner to write checks against deposited money
What is a check register? A booklet for recording the money that is put in or removed from the checking account
What is a check? Written order to a bank to pay a certain amount of money from a checking account to another person or business
What is a credit card? A card that allows the holder to buy goods and services, taking out a bank loan for the purchases
What is a deposit ticket? Written record of money put into a checking account
What does it mean to endorse a check? To write a signature on the back of a check
What is a financial institution? A business that provides money-related services
What is interest? A fee received for the use of money
What is a loan? An amount of money borrowed by someone that must be repaid, usually with interest
What is a net deposit? The amount of money deposited into an account, minus any cash received
What is a teller? a person employed in a bank to receive or pay out money over the counter.
What is a transaction? any sort of activity involving a change of money in an account
Created by: hewittl