PBF 4.02
About this set
Created by:
fgc013 on May 7, 2012
Subjects:
Classes:
Principles of Business & Finance- Lyon, 4th Period P.O.B., Clark - Principles of Business
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27 terms
Terms | Definitions |
|---|---|
 Federal Reserve System | the central bank of the United States |
| Depository | a facility where things can be deposited for storage or safekeeping |
| Commercial Bank | a financial institution that accepts demand deposits and makes loans and provides other services for the public |
| Savings and Loan | a thrift institution that is required by law to make a certain percentage of its loans as home mortgages |
| Mutual Savings Bank | a state-chartered savings bank owned by its depositors and managed by a board of trustees |
| Credit Unions | A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees. |
| Non-depository | Earns money to finance their business by selling specific services such as policies, investments, and loans |
| Checking account | a bank account against which the depositor can drawn checks payable on demand |
| Endorsement | a signature that validates something |
| Blank endorsement | an endorsement on commercial paper naming no payee and so payable to the bearer |
| Full endorsement | Signature on a check indicating the person, account number, or bank to which the check is being transferred, and the payee's name. |
| Restricted endorsement | Signing a check deposit only |
| Special Endorsement | An endorsement indicating a new owner of a check |
| Bank reconciliation | bringing into agreement a bank statement with a party's cash account records |
| Stop payment order | a written notice that tells the bank not to pay a certain check |
| Signature card | Includes the signatures of each person authorized to sign checks on the bank account. |
| Payee | a person to whom money is paid |
| Outstanding checks | checks that have not been deducted from the bank statement balance. |
| Joint account | An account owned by two or more people. |
| Federal Deposit Insurance Corporation (FDIC) | to insure personal bank deposits up to $5000; required commercial banks to separate themselves from investment brokerages |
| Drawer | the person who writes a check or draft instructing the drawee to pay someone else |
| Drawee | the person (or bank) who is expected to pay a check or draft when it is presented for payment |
| Deposit slip | A slip of paper kept by the bank to show how much money you put into your account. |
| Debit card | a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account |
| Check register | a register of checks issued (usually in numeric order) |
| Bank statement | a periodic statement prepared by a bank for each client |
| Deposit institutions | accept deposits from people and businessea and use them to finance their business. |
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