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back of it. Fill out a deposit slip to give to the bank teller with your name and account
number, along with the amount of the deposit. Also, be sure to record the amount of the
deposit into your checkbook register.
Source: Kapoor, J. R., Dlabay, L. R., & Hughes, R. J. (2007). Personal Finance. Woodland
Hills, CA: Glencoe/McGraw-Hill.
Explain how to maintain financial records.
Organizing your financial records helps you plan and measure your financial progress, handle
routine money matters, determine the money you have now and will have in the future, and
make effective decisions about saving and investing. Documents to manage include bank
statements, paystubs, ownership certificates, tax forms, etc.
Records may be maintained in a file cabinet, a safe-deposit box, and/or on a computer. File
cabinets are useful for maintaining printed documents and records, and should be organized
by type with labeled folders. Items that are difficult to replace, such as car titles and birth
certificates, should be kept in a safe-deposit box. These can be rented at a bank.
Alternatively, you may choose to purchase an in home fire safe for such documents.
Computer programs are an excellent way to create and manage a personal budget, pay bills
online, or generate financial documents that can be stored electronically.
Source: Kapoor, J. R., Dlabay, L. R., & Hughes, R. J. (2007). Personal Finance. Woodland
Hills, CA: Glencoe/McGraw-Hill.
Discuss how to read and reconcile bank statements.
A bank statement is a document showing activity on your account over the previous month,
including a beginning and ending balance and all inflows and outflows during that time.
Bank account reconciliation is when you account for the differences between the bank
statement and your records (usually your checkbook register). The balances may differ
because you have written checks that have not yet cleared the bank, or perhaps because you
have deposited money into your account after the bank statement was prepared.
To reconcile your account, start by comparing the checks you have written with those listed
on the bank statement. List any outstanding checks on the reconciliation form. Subtract the
total amount of outstanding checks from the ending balance on the statement. Next, add any
recent deposits not on the statement to the reconciliation form. Finally, subtract any fees and
add any interest as found on your bank statement to your reconciliation form. Now you
should find that the adjusted bank balance and the balance in your records is the same. If
there is an error, report it to your bank.
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