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Using the attached PowerPoint, answer the following questions. 1.

What are the seven reasons we use bank accounts, and explain what each reason means in your own words. Reason Explanation

2. What are the three types of accounts and individual can have? Explain each in your own words. Account Type Explanation

3. Define the following terms.

Account

Assets

ABM

ATM

Balance

Bank

Certified Cheque

Chartered Bank

Cheque

Chequing Account

Credit Union

Debit Card

Internet Banking

Interest

Joint Account

Mortgage

NSF

NSF Cheque( Bounced Cheque)

Overdraft

Passbook (Bank Book)

Personal Identification Number (PIN)

Reconciliation

Savings Account

Service Charge

Stop Payment

Withdrawal