Banking Vocab
An institution that receives, lends, borrows, exchanges, issues and safeguards money.
What is a bank?
A written order instructing a bank to pay money from a checking account.
What is a check?
A type of card that is only used to withdraw money from your account at an ATM.
What is an ATM card?
A system of money including coins and paper money.
The amount of a business' total revenues in excess of the total costs.
What is profit?
To take money out of an account
What is to withdraw?
A written form instructing a bank to put money into an account (and includes the account holder's name, account number, and other financial information).
What is a deposit slip?
A type of card that can be used to withdraw money from an ATM, but is also used to make purchases withdrawing money from your account.
What is a debit card?
An itemized list of predicted income and expenses over a period of time; sometimes called a spending loan.
What is a budget?
An account in which money is deposited and is used to save for long term goals (this type of account earns interest from the bank).
What is a savings account?
A record showing the check number, person to whom the check is paid, amount of check, the date, and the balance of your checking account.
What is a checkbook register?
A type of card that allows you to pay later (purchases can be made with this card throughout the month, and a bill for the total amount of purchases must be paid at the end of each month or interest accrues).
What is a credit card?
A printed record issued by the bank of the balance in a bank account and all of the transactions during that monthly period.
What is a bank statement?
Money borrowed by an individual OR a business to be paid back with interest.
What is a bank loan?
A card on file at the bank with the signature of the person authorized to use an account.
What is a signature card?
Money that can be earned in a savings account or charged to credit card users.
What is interest?
A method of banking in which transactions are conducted electronically via the Internet.
What is online banking?
Starting with the letter 'e,' this is the signature on the back of a check that allows it to be cashed.
What is an endorsement?
A check written for a larger amount than the balance in a checking account (or when you make a purchase on your debit card for more than your available balance).
What is an overdraft?
The letters written in the Check # column on a checkbook register when recording a debit card purchase.
What are the letters D-C?
A type of investment purchased from the bank for a specific amount of money at a fixed rate of interest.
What is a Certificate of Deposit or a CD?