When youre sure that you completely understand the

When you’re sure that you completely understand the material from Section 1.3,
move on to Section 1.4.
SECTION 1.4: BANKING
Read the following section. Then read Chapter 4 in your textbook.
Objective
Classify checking account types and banking processes
Understanding how to use a checking account is very important to both your business
and personal life. Most businesses today use and accept checks because this is a
convenient way of doing business.
A number of things should be considered when you’re choosing a financial institution in
which to open a checking account. Different institutions offer various checking features in
business and personal accounts. Sometimes, special offers are available if you have both
business and personal accounts in the same institution. The best advice, however, is to
shop around before making a choice.
This section will help you understand how checking accounts work and how to balance
checking accounts. The features you want from a financial institution, however, must be
chosen based on your own personal or business needs. Only you can make those decisions.
Your textbook contains some excellent discussions that cover signature cards, checks,
deposit slips, check stubs, and check registers. Review this information closely, and be
sure to learn all of the different terms that are associated with checking accounts.

© PENN FOSTER, INC. 2017 PAGE 13 MATHEMATICS FOR BUSINESS
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Lesson 1
Here are some basic guidelines to keep in mind as you read this chapter:
n
Use the proper form when you’re writing a check. Sign your check in the exact
same way you signed it on your signature card.
n
Learn the terminology associated with checking accounts.
n
Always remember to record the amount of your checks and deposits accurately
on your check stub or register. This is the only way that you can keep track of your
balance.
n Periodically compare your bank statement against your check stubs or register and
prepare a bank statement reconciliation. Adjust your recorded account balance if
necessary. Do this for both business and personal accounts.
Self-Check 1.4
At the end of the chapter, complete the odd-numbered Drill and Word
Problems as well as the Summary Practice Test. Check your answers with
those provided in Appendix C of your textbook. Then, in Appendix A of your
textbook, complete Learning Units 4-1 and 4-2. Check your answers with
those provided in the Appendix Answers of your textbook.
When you’re sure that you completely understand the material from Section 1.4,
move on to Section 1.5.

© PENN FOSTER, INC. 2017 PAGE 14 MATHEMATICS FOR BUSINESS
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Lesson 1
SECTION 1.5: SOLVING FOR THE
UNKNOWN
Read the following section. Then read Chapter 5 in your textbook.
Objective
Solve word problems for the unknown
As you read this section, don’t let the words formula , equation , knowns , and unknowns
intimidate you. These are simply mathematical ways to express relationships and
represent terms. They’ll help you understand the differences in how formulas and
equations are created.