Upgrade to remove ads
Unit 3: Personal Banking
Terms in this set (25)
An institution for receiving, lending, exchanging, and safeguarding money and, in some cases, issuing notes and transacting other financial business
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank
Money in the form of coins or banknotes, especially that issued by a government
Certificate of Deposits
A written acknowledgment of the receipt of money and its promise to pay back the money, usually with interest on the due date
A written order, usually on a standard printed form, directing a bank to pay money
The book in which you keep records of checks, deposits, debit card transactions, and ATM withdrawals.
a bank account against which the depositor can drawn checks payable on demand
Privately owned financial institutions that accept demand deposits and make loans and provide other services for the public
Figuring out the future value of money you will invest
Interest earned on both the principal amount and any interest already earned.
a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered
A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees.
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
A sum paid or charged for the use of money or for borrowing money
The interest rate will not change for the lifetime of the investment.
rate that changes based on the status of the economy
The remaining balance, at maturity, on a loan that has not been completely repaid through periodic payments. Once paid, the outstanding balance is zero. Partially amortized loan.
The income a person receives from certain bank accounts or from lending money to someone else.
Assets that people are generally willing to accept in exchange for goods and services or for payment of debts.
A segment of the financial market in which financial instruments with high liquidity and very short maturities are traded.
A way to which one makes a payment
Disposable income not spent for consumer goods.
An account you have at a financial institution that helps you accumulate and save money and earn a small amount of interest at the same time.
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
calculated on the principal sum (initial deposit)
You might also like...
Ch. 12, 29, 30 Study Guide
EverFi - Module 1 Savings
Money Management - Chapter 5 - The Banking System
Other sets by this creator
Unit 5: Investment and Wealth Building
Tessa Dumadag Unit 4: Credit and Debit
Unit 2: Income and Taxation
Unit 1: Choices, Values, Goals, and Needs (Tessa D…
Other Quizlet sets
Test prep for CST
SOC quiz 1 Test Yourself
Clipp Quiz 1