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TERMINOLOGY RELATED TO FINANCIAL MANAGEMENT

TERMINOLOGY RELATED TO FINANCIAL MANAGEMENT. OBJECTIVES. To learn terminology related to financial management. Insufficient funds NSF. Not enough money to cover the check. Certified check.

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TERMINOLOGY RELATED TO FINANCIAL MANAGEMENT

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  1. TERMINOLOGY RELATED TO FINANCIAL MANAGEMENT

  2. OBJECTIVES • To learn terminology related to financial management

  3. Insufficient funds NSF • Not enough money to cover the check

  4. Certified check • A guarantee from the bank to cover a sum of money, personal check signed by authorized bank official who will set the funds aside until the check is presented for payment

  5. Power of attorney • Written legal authorization to act for another person

  6. withdrawal • Removal of fund from a checking account by writing a check

  7. payee • One to whom a check or money is payable, receiver

  8. payer • The party responsible for payment, one who signs a check

  9. fit • Federal income tax

  10. fica • Federal Insurance Contribution Act, the law that sets Social Security taxes and benefits

  11. Money order • A voucher purchased for face value- specific sum of money, plus a small fee

  12. Service charge • Fee charged by bank for services rendered

  13. voucher • A paper serving as evidence or proof of payment

  14. assets • Anything owned that has monetary value

  15. harassment • Continual annoyance

  16. credit • A deposit or addition to a bank account

  17. debit • A charge has been entered to the account

  18. posted • To transfer information from one record to another

  19. void • Useless, ineffective

  20. transaction • A business deal

  21. adjustment • Alteration to the patient account

  22. Stop payment order • A written order revoking a check. It must be given to the bank before bank’s payment of the item.

  23. deposit • Funds given to a bank to be credited to an account

  24. endorsement • Payee’s signature on the back of the check, indicates liability for payments

  25. forgery • A fraudulent signature or instrument

  26. balance • The difference between debit and credit

  27. Petty cash • A small amount of money used for incidental expenses

  28. Day sheet • A running tally of the practices income for the day

  29. superbill • Charge slip, encounter form

  30. efts • Electronic funds transfer system-a system by which preauthorized automatic transfers are made from savings to checking accounts.

  31. disbursement • Cash amount paid out

  32. micr • Magnetic Ink Character Recognition

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