Topic 5 – Tracking Your Money Wealth Management 2010

Financial Service Providers Identify types of financial service providers Describe banking services Types of banking institutions Investment services Insurance company services Advisory or intermediary services Online services

Activity

Maintain Financial Records Definitions: maintain, checkbook register, savings register, deposit, withdrawal Types of financial records to maintain Reasons to keep bank accounts up-to-date Procedures used to maintain financial records Maintain - keep current or up to date. Checkbook register – portion of a checking account where account holders keep track of withdrawals, deposits, and the balance of the account. Savings register – portion of a savings account where account holders keep track of withdrawals, deposits, and the balance of the account. Deposit – putting money into an account. Withdrawal – taking money out of an account.

Activity

Reconcile Bank Statements Definitions: reconcile, bank statement, transaction, transaction fee, balance, overdraft protection Components of a bank statement Identify problems when bank statements are not reconciled Explain how to read and reconcile a bank statement Reconcile – process of checking that your records agree with your banks records. Bank statement – a statement sent by a bank to a checking account customer, such as a union, showing deposits, checks cleared, service charges, interest earned, and ending balances for a specified period, usually one month. Transaction – the act of conducting or carrying out (business, negotiations, plans); a deal or business agreement; an exchange or trade, as of ideas, money, goods, etc. Transaction fee – a charge placed on a transaction. Balance – bringing the balance of an account to equal what the bank has recorded. Overdraft protection – when the withdrawals of an account exceed the available balance, this protects the account from being assessed a fee.

Activity