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 AND FINANCE 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 AND FINANCE 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.
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