Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts...
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Transcript of Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts...
![Page 1: Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts 3-2Reconcile a Bank Statement 3-3Savings Accounts 3.](https://reader035.fdocuments.net/reader035/viewer/2022062301/5697bfd71a28abf838cae53c/html5/thumbnails/1.jpg)
Financial Algebra© Cengage/South-Western Slide 1
BANKING SERVICES
BANKING SERVICES
3-1 Checking Accounts3-2 Reconcile a Bank Statement3-3 Savings Accounts
3
![Page 2: Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts 3-2Reconcile a Bank Statement 3-3Savings Accounts 3.](https://reader035.fdocuments.net/reader035/viewer/2022062301/5697bfd71a28abf838cae53c/html5/thumbnails/2.jpg)
Financial Algebra© Cengage/South-Western Slide 3
3-1
CHECKING ACCOUNTS3-1
CHECKING ACCOUNTS
Understand how checking accounts work. Complete a check register.
OBJECTIVES
![Page 3: Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts 3-2Reconcile a Bank Statement 3-3Savings Accounts 3.](https://reader035.fdocuments.net/reader035/viewer/2022062301/5697bfd71a28abf838cae53c/html5/thumbnails/3.jpg)
Slide 4
CanceledCheckCheck ClearingCheck RegisterChecking AccountCreditDebit
Deposit SlipDirect DepositElectronic Funds
Transfer (EFT)EndorseInsufficient FundsOverdraft ProtectionPayee
Key Terms
![Page 4: Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts 3-2Reconcile a Bank Statement 3-3Savings Accounts 3.](https://reader035.fdocuments.net/reader035/viewer/2022062301/5697bfd71a28abf838cae53c/html5/thumbnails/4.jpg)
Slide 7
Example 1Example 1Allison currently has a balance of $2,300 in her checking account. She deposits a $425.33 paycheck, a $20 rebate check, and a personal check for $550 into her checking account. She wants to receive $200 in cash. Determine how much will she have in her account after
the transaction?
![Page 5: Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts 3-2Reconcile a Bank Statement 3-3Savings Accounts 3.](https://reader035.fdocuments.net/reader035/viewer/2022062301/5697bfd71a28abf838cae53c/html5/thumbnails/5.jpg)
Slide 9
Nick has a checking account with the Park Slope Savings Bank. He writes both paper and electronic checks. For each transaction, Nick enters the necessary information: check number, date, type of transaction, and amount. Instead of a check number, he uses E to indicate an electronic transaction. Determine the balance in his account after the Star Cable Co. check is written.
Example 2Example 2
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Slide 10
Nick writes a check to his friend James Sloan on May 11 for $150.32. What should he write in the check register and what should the new balance be?
CHECK YOUR UNDERSTANDING
Would the final balance change if Nick had paid the cable bill before the wireless bill? Explain.
EXTEND YOUR UNDERSTANDING
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Slide 11
Determine the answers for the following questions (you must show ALL work):
#2
#5
#6
#7
APPLICATIONS, p.120
![Page 8: Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts 3-2Reconcile a Bank Statement 3-3Savings Accounts 3.](https://reader035.fdocuments.net/reader035/viewer/2022062301/5697bfd71a28abf838cae53c/html5/thumbnails/8.jpg)
Slide 12
Checking AccountCheckEFTPayeeCheck ClearingDeposit SlipDirect Deposit
EndorseCanceledInsufficient fundsOverdraft ProtectionCheck RegisterDebitCredit
Vocabulary Review:
![Page 9: Financial Algebra © Cengage/South-Western Slide 1 BANKING SERVICES 3-1Checking Accounts 3-2Reconcile a Bank Statement 3-3Savings Accounts 3.](https://reader035.fdocuments.net/reader035/viewer/2022062301/5697bfd71a28abf838cae53c/html5/thumbnails/9.jpg)
Slide 13
Determine the answers for the following questions (you must show ALL work):
#13
#14
#15
#16
APPLICATIONS, 121-122