Key Terms Chapter 7  Are personal checks accepted as payment everywhere you choose to shop? *Checking Account *Check Register *Account Balance *Overdrawing.

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Presentation transcript:

Key Terms Chapter 7  Are personal checks accepted as payment everywhere you choose to shop? *Checking Account *Check Register *Account Balance *Overdrawing *Endorsement Question to think about!

Check Checks Check Number Your Signature Amount of Check Written in Words Amount in Numbers Payee Date

Deposit Form/Slip Packet

Checking Account Activity Register NumberDateTransactionDebits (-) Credits (+) Balance 1/3Deposit$ Payroll + 50 cash$ /8National Electric Company-$35.24 Jan Bill$ /9Reader’s Service-$24.00 Magazine$ /15Tickets Forum-$40.00 Concert Tickets JB$617.96

Key Terms Chapter 7  Are funds you deposit in a bank more secure than money you keep in your bedroom? *Inflation *FDIC *Check *Statement Question to think about!

The Role of Banks  Earn a Profit  Provide Security  Regulated  Insured  Make Borrowing Easier  Financial Transactions Chapter 7

Checking Account Activity Register NumberDateTransactionDebits (-) Credits (+) Balance 1/3Deposit$ Payroll + 50 cash$ /8National Electric Company-$35.24 Jan Bill$ /9Reader’s Service-$24.00 Magazine$ /15Tickets Forum-$40.00 Concert Tickets JB$617.96

Checking Account Activity Packet Payments Outstanding No. 102$ $ $ Total$ Ending Balance On Statement $16080 Add Deposits Not Shown$69237 Sub-Total$85317 Subtract Payments Outstanding $50793 Balance$34524 Account Reconciliation

Key Terms Section 7.3  What records could serve as proof of a checking account transaction? *Canceled Check *Reconciliation/Balancing Question to think about! Checkbook Packet Work Time

Key Terms Section 7.4  How is the Internet becoming part of everyday banking for many consumers? *EFT *ATM *PIN *Direct Deposit *Debit Card *Automatic Withdrawal Question to think about!

Electronic Fund Transfer Act  Responsibilities  Two days to report missing card  Liability will be $50 unless you fail to notify  After 60 days you could be responsible for all losses. Section 7.4  Protects consumers  Receipts required  Informed of fees charged

Packet Work Time  Finish February  Start March January $ February $ March $766.47

Key Terms Section 7.5  Why would someone need to send money on the same day? *Certified Checks *Cashier’s Check *Money Order *Traveler’s Check *Wire Transfer *Safe Deposit Box Question to think about! Checkbook Work Time

Packet Work Time  Finish January  Work on February and March July & August Extra Credit January $ February $ March $ ENDING BALANCES

Packet Work Time  Work on April, May and June March $ April $ May $ June $ July & August Extra Credit ENDING BALANCES

Test Tomorrow  Chapter 6 & 7  Get Some Sleep  Eat Breakfast  Study Missing Checkbook Project Due Today Everfi #2 Today

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