Managing Money/Banking Guided Notes Flashcards

6215210935	Financial Institution	is a company engaged in the business of dealing with money transactions, such as deposits, loans, investments, and currency exchange.	0
6215282884	Check	Written order to a bank to pay a stated amount	1
6215294334	Deposit	Money added to a checking or savings acocunt	2
6215312676	Common Bank Accounts	Checking accounts, Savings accounts, certificate deposits, money market accounts	3
6215333736	Four Types of Financial Institutions	Commercial Banks, Saving and loan associations	4
6215358152	Checking Account	Demand Deposit	5
6215362596	7 Column Headings	Transaction Type, Date, Description, Debit, Credit, Check Mark, Balance	6
6215370241	Steps to Recording your Transactions	Insert check No. or transaction code, write date of transaction, write descriptions of transactions, put money amount in either payment or debit column, calculate new balance	7
6215387132	Steps to Reconciling a Bank Statement	Write ending balance shown on bank statement, from your checkbook register and total any deposits you made that do not appear on a bank statement, add outstanding deposits, total deposit transactions, list all debit transactions, subtract total debits from previous total	8
6215418073	Four types of financial instituitons	Commercial Banks, Saving and Loan Associations, Credit Unions, Brokerage Firms	9