Financial Institution Transactions
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13 terms
Terms | Definitions |
|---|---|
 Bank | Institutions that provide financial services |
| Compound interest | interest earned on the deposit and on all previously earned interest |
| Credit Union | a cooperative depository financial institution whose members can obtain loans from their combined savings |
| Federal Reserve | controls America's money supply, by controlling the interest rates of banks, also america's central bank |
| Federal Deposit Insurance Corporation (FDIC) | to insure bank deposits. They made sure no money was lost so that there would never be another Great Depression like that one again. |
| Finance | the management of money and credit and banking and investments |
| Financial Literacy | Your knowledge of facts, concepts, principles, and technological tools that are fundamental to being smart about money. Being this will enhance your economic well-being by allowing you to make informed decisions. |
| Financial Services Industry | The broad category of firms that provide financial products and services to help households and businesses earn interest, receive dividends, obtain capital gains, insure against losses, and plan for retirement. Includes commercial banks, thrifts, insurance companies, mutual fund companies, pension funds, investment banks and securities firms. |
| Future value | The amount that your original deposit will be worth in the future based on a specific interest rate over a specific period of time |
| Insurance company | a financial institution that sells insurance |
| Present Value | the amount of money you would need to deposit now in order to attain a desired amount in the future |
| Simple interest | interest paid on the principal alone |
| Time value of money | increase of an amount of money as a result of interest or dividends earned |
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