Match the columns Protection of your money A. If this is not done, control over finances can be lost and legal issues may arise – such as problems with the South African Revenue Service, non-payment of accounts, etc. Banking is convenient B. A bank provides the owner with documentation which shows all monies received and paid out by the business. This is called a ‘bank statement’ and provides the owner with a concise transaction by transaction outline of monies going into and out of the bank account. Finance becomes readily available C. You may remember the days when your parents stood in long queues paying off telephone, electricity, clothing and other utility accounts. Those days are long gone. Nowadays you can just send a cheque by post, or even better – pay all these beneficiaries with the click of a button over the internet or via your cellular phone. More efficient business practices D. Money in a safe is ‘dead’ money, because it cannot earn interest for the business. Having said this, the potential interest earned at the bank needs to exceed the bank charges paid to the bank, in order to justify the ‘investment’ with the bank? The bank offers evidence E. The bank enables the business to keep track of its transactions, as cheques, direct deposits and Electronic Fund Transfers reflecting on the bank statement can be linked to invoices issued and received previously. Separation of the business’s money from your personal money. F. The bank assists you when your money gets stolen. Even when your bank cards are stolen, most banks offer toll-free card cancellation services, and facilitates the entire process of replacing the stolen card. The bank offers a return on your investment G. In most instances, a bank will offer an overdraft facility available on the current bank account the business has with the bank – provided that the business is in good standing with the bank and is likely to meet all the repayments.

Match the columns Protection of your money A. If this is not done, control over finances can be lost and legal issues may arise – such as problems with the South African Revenue Service, non-payment of accounts, etc. Banking is convenient B. A bank provides the owner with documentation which shows all monies received and paid out by the business. This is called a ‘bank statement’ and provides the owner with a concise transaction by transaction outline of monies going into and out of the bank account. Finance becomes readily available C. You may remember the days when your parents stood in long queues paying off telephone, electricity, clothing and other utility accounts. Those days are long gone. Nowadays you can just send a cheque by post, or even better – pay all these beneficiaries with the click of a button over the internet or via your cellular phone. More efficient business practices D. Money in a safe is ‘dead’ money, because it cannot earn interest for the business. Having said this, the potential interest earned at the bank needs to exceed the bank charges paid to the bank, in order to justify the ‘investment’ with the bank? The bank offers evidence E. The bank enables the business to keep track of its transactions, as cheques, direct deposits and Electronic Fund Transfers reflecting on the bank statement can be linked to invoices issued and received previously. Separation of the business’s money from your personal money. F. The bank assists you when your money gets stolen. Even when your bank cards are stolen, most banks offer toll-free card cancellation services, and facilitates the entire process of replacing the stolen card. The bank offers a return on your investment G. In most instances, a bank will offer an overdraft facility available on the current bank account the business has with the bank – provided that the business is in good standing with the bank and is likely to meet all the repayments.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter4: Going Into Debt

Section: Chapter Questions

Problem 29AA

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Question

Match the columns

Protection of your money	A. If this is not done, control over finances can be lost and legal issues may arise – such as problems with the South African Revenue Service, non-payment of accounts, etc.
Banking is convenient	B. A bank provides the owner with documentation which shows all monies received and paid out by the business. This is called a ‘bank statement’ and provides the owner with a concise transaction by transaction outline of monies going into and out of the bank account.
Finance becomes readily available	C. You may remember the days when your parents stood in long queues paying off telephone, electricity, clothing and other utility accounts. Those days are long gone. Nowadays you can just send a cheque by post, or even better – pay all these beneficiaries with the click of a button over the internet or via your cellular phone.
More efficient business practices	D. Money in a safe is ‘dead’ money, because it cannot earn interest for the business. Having said this, the potential interest earned at the bank needs to exceed the bank charges paid to the bank, in order to justify the ‘investment’ with the bank?
The bank offers evidence	E. The bank enables the business to keep track of its transactions, as cheques, direct deposits and Electronic Fund Transfers reflecting on the bank statement can be linked to invoices issued and received previously.
Separation of the business’s money from your personal money.	F. The bank assists you when your money gets stolen. Even when your bank cards are stolen, most banks offer toll-free card cancellation services, and facilitates the entire process of replacing the stolen card.
The bank offers a return on your investment	G. In most instances, a bank will offer an overdraft facility available on the current bank account the business has with the bank – provided that the business is in good standing with the bank and is likely to meet all the repayments.

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