TAILIEUCHUNG - Ebook Personal financial literacy (2nd edition): Part 2
(BQ) Part 2 book "Personal financial literacy" has contents: The Banking system, personal risk management, buying and selling investments, saving and investing options, buying decisions,.and other contents. | Chapter 5 Assessment SUMMARY 5-1 A checking account is a demand deposit that provides a safe place to keep money and allows you easy access to the money. A check is a legal document instructing the bank to pay money to the person or company named on the check. A checkbook register is a record of checks written, deposits made, other withdrawals made, and other charges made to the checking account. Writing a check involves six steps: (1) enter the date, (2) enter the name of the payee, (3) enter the amount of the check in numbers, (4) enter the amount of the check in words, (5) sign your name, and (6) enter a description. Withdrawals from your checking account can be made by writing a check, using a debit card or an ATM card, or setting up automatic withdrawals. Account holders should reconcile their bank statement by comparing it to their checkbook register. 5-2 A savings account is a demand deposit account designed for the accumulation of money in a safe place for future use. You can grow your savings by earning interest. Interest is computed using simple and compound interest methods. The future value of money refers to what savings will be worth in the future, after interest has compounded. Money market accounts and certificates of deposit (CDs) offer higher interest rates than regular savings accounts, but they are also less liquid. A . savings bond is a good way to save if you can invest the money for a long term. Individual retirement accounts (IRAs) also allow for long-term saving with certain tax benefits. Places to save money include banks, credit unions, online-only banks, brokerage firms, and international banks. 5-3 Banks may offer services such as safe deposit boxes, overdraft protection, stop payments, cashier’s checks, traveler’s checks, money orders, financial advising, loans, Internet banking, and bank cards (including credit, ATM, debit, and smart cards). Banks charge fees for their services, including monthly account fees, NSF fees, .
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