Financial Institutions
This is the central bank of the U.S.
What is The Fed?
This allows you to coordinate your banking from the internet
What is online banking?
This is a written paper note used to issue money from your account to another person's account
What is a check?
This is the bank's summary of your banking activity for the month...
What is a bank statement?
P x R x T calculates this...
What is simple interest?
This type of bank is owned by its members
What is a Credit Union
This allows money to be deposited by a payer directly into a payee's bank account
What is Direct Deposit?
This is the person who receives the payment
What is a payee?
This is the process of balancing your records against the bank records to account for corrections...
What is reconciliing?
P stands for
This type of bank is for-profit
Comercial Bank
This is an arrangement that allows a creditor to periodically withdraw money from a credit card, checking or savings account to pay a bill
What is automatic payment?
This term refers to recognizing the money added into your account after depositing a check...
What is credit?
This is your own personal records of your banking activity for the month...
What is account register?
R stands for
What is interest rate?
This organization insures your money in a commercial bank up to $250,000 in case of bank failure
What is the FDIC?
This app is used to order a P2P payment
What is Venmo?
This person is the one whose account is being drawn from to pay a check...
What is the drawer?
This is how often it is recommended to reconcile your accounts
What is monthly?
T stands for
What is time?
The FED has two primary goals: to regulate unemployment regulate...
What is inflation
This form of plastic payment takes the money directly out of your bank account
debit card
When a check has been paid/processed by your bank it has now been...
What is cancelled?
Name one reason why you should reconcile...
To account for processing time and make sure you don't accidentally overdraft.
This is the formula for compound interest
What is P(1+r/n)^nt