4.1-4.2 Flashcard Review: Checks and Deposits

Front

Where is cash written on a deposit slip?

Back

At the top right (3) of the deposit slip.

Front

What directs a bank to deduct money from your checking account to make a payment?

Back

A check.

Front

What does 'Pay to the order of' on a check indicate?

Back

It is where you write the name of the person you are paying.

Front

What is required for a check to be valid?

Back

Your signature must be placed on the check.

Front

Why is it important to write the total amount in words on a check?

Back

To prevent fraud.

Front

What should you do after writing the fraction of cents on a check?

Back

Always draw a line after the fraction of cents/100.

Front

What is a deposit slip?

Back

A form used to deposit money into a bank account.

Front

What is the purpose of a withdrawal slip?

Back

To request the bank to take money out of your account.

Front

What information is typically included on a check?

Back

Date, payee, amount in numbers and words, signature.

Front

What does it mean to endorse a check?

Back

To sign the back of the check to authorize it for payment.