Across
- 2. The balance, or amount of money, in an account, or amount borrowed.
- 3. The _____ number is the number that appears on all checks, deposit slips, and bank statements identifying the owner of the account.
- 9. This method of compounding is used for calculating interest so that it is paid twice a year, or every 6 months.
- 15. An account where a consumer receives a monthly statement showing all activity, including deposits, interest earned, and any fees.
- 16. The money in a bank account that is not released until the issuing bank of a check pays for a check.
- 18. A compounding method for calculating interest so that it is paid daily.
- 20. The interest rate paid per year or charged per year.
- 22. You have _______ funds when an account does not have enough money to cover a check that has been issued against it.
- 23. The _______ interest formula is the formula that relates principal, interest rate, the number of times interest is compounded per year, and the number of years the money will be on deposit
- 25. An account that pays a higher interest rate than other types of accounts, but usually requires a higher initial deposit and a higher minimum balance, often with a limit on the number of transactions per month.
- 27. The act of interest added to an account by a bank.
- 28. This method of compounding is used for calculating interest so that it is paid four times a year, or every 3 months.
- 29. A rule that assigns a unique member of the range to each element of the domain.
- 30. A specified date at which interest is paid on money in an account.
- 33. The ___________ base e is an irrational number which is a nonterminating, nonrepeating decimal with an approximate value of e ≈ 2.718281828
Down
- 1. The process of verifying a bank’s records to make sure no errors have been made.
- 4. ________ compounding is a method of calculating interest so that it is compounded an infinite number of times each year rather than being compounded every minute, or every microsecond.
- 5. The _____ balance is a certain amount of money that must be kept in an account as required by that particular bank.
- 6. A ______ of deposit is a certificate that states there is a specific sum of money on deposit and guarantees the payment of a fixed interest rate after a certain period of time, usually 7 days to 10 years; deposits and withdrawals cannot be made with a CD.
- 7. A written order used to tell a bank to pay money (transfer funds) from an account to the check holder.
- 8. The ______ statement is a document that includes all transactions that have occurred for a period of approximately 1 month.
- 10. A concept in calculus that means an unreachable value.
- 11. A ______ sequence is a progression of numbers in which the difference between any two consecutive terms is a constant.
- 12. _____ checks are checks that do not appear on the bank statement.
- 13. The _____ balance is the amount of money in a checking account at the end of a statement period.
- 14. The annual percentage ________ is the simple interest rate required to give the same amount of interest as calculated by the compound interest formula for a year.
- 17. The _______ period are the dates on a bank statement that indicate the range of dates in which the transactions occurred.
- 19. __________ compounding is a method for calculating interest so that it is computed once a year.
- 21. Same as balancing; the process of verifying the bank’s records to make sure no errors have been made.
- 24. _______ deposits that do not appear on the bank statement.
- 26. The _______ balance is the amount of money in a checking account at the beginning of a statement period.
- 31. The ______ rate is the percentage rate that is paid by a bank on money that is in some accounts.
- 32. The _______ interest formula is the formula I=Prt, where p is principal, r is the interest rate, and t is the time in years.