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Chapter 9 Vocab
Personal Finance
| Term | Definition |
|---|---|
| Check | A written order to a bank to pay the stated amount to the person or business (payee) named on it |
| Demand Deposit | An account that lets you withdraw portions of your deposited funds at any time |
| Canceled Check | A check that bears the bank's stamp, indicating that it has been cleared |
| Overdraft | A check written for more money than your account contains |
| Floating a Check | The practice of writing a check on insufficient funds and hoping a deposit will clear before the check is cashed |
| Checkbook Register | A booklet used to record checking account transactions |
| Reconciliation | The process of matching your checkbook register with the bank statement |
| Blank Endorsement | The signature of the payee written on the back of the check exactly as the name appears on the front of the check |
| Special Endorsement | An endorsement that transfers the right to cash the check to someone else |
| Restrictive Endorsement | An endorsement that restricts or limits the use of a check |
| Certified Check | A personal check that the bank guarantees to be good |
| Cashier's Check | A check written by a bank on its own funds |
| Stop Payment Order | A request that the bank not cash a specific check |
Created by:
amarciano05