Chapter 2 New Terms

automated teller machine (ATM) - a self-serve banking machine that lets you conduct routing banking transitions.

bank card - a plastic card with a magnetic strip that allows you access to bank services or to make a direct bank payment.

over draw - to takeout more money than is in your account

reconcile - to make one account record consistant with another

service charge - a fee that the bank charges to your account for its service

selection reflection

Dear Chet, This is all that you will have forgoten for chapter one selection. you will probly have forgoten that you will have to know your percents and how to do them. you will also have to know what gross pay and net pay and how to figure them out. You will also have to know how to figure out how to keep time cards and do pay roll duductions. look over all of the explorations (1-8) before the EXAM. so that you can do good. and pass. You should get to know the deductions because you probly forgot them. you should also remember the net pay percent deduction, 30% for income tax, 4% for CPP, and 2.5% for EI.

New Terms

Budget- an estimate of the amount of money to spend on a specific project or over a given time frame
Income- money or other assets recieved
Benefits- money or allowences such as life insurance, clothing allowance, dental coverage, or extended health care.
Salary- A fixed regular payment, usually calculated on an annual basis and paid monthly.
Take-Home Pay- often called net pay; referes to the money paid to an umployee after deducions.
Wage- payment made by an employer in exchange for work or services provided.