CM Chapters 1-6

Front

What is a Bank Statement?

Back

A Bank Statement is a document that lists all the checks and deposits that have cleared during a specific period.

Front

What is the formula for TOTAL DEPOSIT?

Back

TOTAL DEPOSIT = (Currency + Coins + Checks) - cash received.

Front

What is the formula for TOTAL PURCHASE PRICE?

Back

TOTAL PURCHASE PRICE = Total Selling Price + Sales tax.

Front

How do you calculate 8% of a given amount?

Back

To calculate 8% of an amount, multiply the amount by 0.08.

Front

How many BI-WEEKLY pay periods are there in a year?

Back

There are 26 BI-WEEKLY pay periods in a year.

Front

What is a Check Register?

Back

A Check Register is a record of all transactions made with a checking account, including checks written and deposits made.

Front

What is the difference between a Check Register and a Bank Statement?

Back

A Check Register is maintained by the account holder, while a Bank Statement is provided by the bank and shows cleared transactions.

Front

What is the formula for calculating interest earned?

Back

Interest Earned = Principal x Rate x Time.

Front

What does 'cleared' mean in banking terms?

Back

'Cleared' refers to a transaction that has been processed and settled by the bank.

Front

What is Sales Tax?

Back

Sales Tax is a percentage of the selling price added to the cost of goods and services.