Vocabulary
What Is Money?
is anything of value that is accepted in return for goods or services.
What is Required for a Bank to Operate?
A Charter
What is a Financial institution
is an organization that provides services related to money.
What is a check
Written order for the bank to pay a specific amount to the person to whom the check is written.
What is a credit card
Its a Card that allows the holder to make credit purchases up to an authorized amount.
What Is a Bank?
is a financial institution that receives, lends, exchanges, and safeguards money.
What's the banks primary function
Its a financial institution that receives, lends, exchanges, and safeguards money.
What is a financial institution considered?
its considered a depository and a nondepository institutions
What's a Check register
Record of account deposits, withdrawals, checks, fees, and interest.
What is a Debit Card
Card that allows the holder to electronically access funds in an account at an ATM or to pay for goods and services from a business.
What Is a Charter?
is the license authorizing a bank to operate.
Financial institution that is owned by its depositors.
mutual savings bank
What is a depository institution
It accepts money from customers and deposits it into the customer’s account.
What is a checking account
A Bank account that allows the owner to make deposits, write checks, and withdraw money.
What is an endorsement
Signature on the back of a check.
What is a electronic funds transfer (EFT)
is the movement of money over an online network from one financial institution to another.
Anything of value that is accepted in return for goods or services.
money
What is a nondepository institution
does not accept deposits from customers, but accepts money to invest in business deals or to provide a service.
what is a bank statement
Record of checks, ATM transactions, deposits, and charges on an account.
What is a credit union
Nonprofit financial cooperative owned by and operated for the benefit of its members.
What is the Federal Deposit Insurance Corporation (FDIC)
An agency created by the federal government to protect bank customers by insuring their deposits.
What is a commercial bank
Business in which the primary function is to receive, transfer, and lend money to individuals, businesses, and governments.
What is the process of transferring money from one individual or organization to another?
Financial exchange
What is a bank reconciliation
Process of comparing a check register with a bank statement.
What is a savings and loan association (S & L)
Financial institution that offers most of the services commercial banks do.