Terminology
Fannie Mae, Freddie Mac, and Ginnie Mae are types of this
What is a mortgage-backed security?
What is Earnings per Share (EPS)?
To secure a loan, this is specific property or other assets pledged by a borrower to the loan department
What is collateral?
Carlisle Trust Company in this state started the first Christmas Savings Club
What is Pennsylvania?
He gave Fireside chats during the Great Depression
Who is Franklin Delano Roosevelt?
When a bank has more assets than liabilities
What is insolvency?
Longer-term securities with maturities of between 2-10 years
What are treasury notes?
FDIC's limit on deposit insurance coverage for a single account
What is $250,000?
The foundation of modern-day accounting methods
Double-entry bookkeeping
Official examination and verification of accounts and internal controls usually by an independent accountant, to determine whether financial information is accurate
What is audit?
Another term used for balance sheet
What is Statement of Condition?
Checking, savings, retirement savings, health savings, and education savings are types of this account
What are types of deposit accounts?
Facility operated by the Federal Reserve that processes inter-bank debits and credits
Automated Clearinghouse (ACH)
International money market rate that represents the average rate offered by banks for interbank placements of Eurodollars.
What is LIBOR?
Account that is opened by a representative for the benefit of another person such as trust accounts, estate accounts, and guardianships.
What is a fiduciary account?
A bank that has been in operation for five years or less.
What is a de novo bank?
These two transaction types are banks' biggest assets
Loans and Investments
Regulation that refers to "next-day availability"
What is Regulation CC?
The governing body of a corporation ultimately responsible for its financial performance, consisting of individual directors elected by the shareholders
What is the Board of Directors?
This event led to the creation of the Federal Deposit Insurance Corporation (FDIC)
What is the Great Depression?
Education Savings Account that allows families to save for educational expenses through contributions that earn tax-deferred interest
What is Section 529 or Coverdell?
The result of the calculation (net profit divided by total assets) times 100
What is Return on Assets?
One of the tools used by the Federal Reserve to manage bank loans and bank deposits
What are Reserve Requirements, Discount Operations, and Open-Market Operations?
Program required by USA Patriot Act for financial services providers to set up new accounts
What is a Customer Identification Program (CIP)?
The 12-month period selected by a business or government as an accounting period, at the end of which the books are closed and profit or loss determined
What is a fiscal year?