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chapter 7
Voc
| Term | Definition |
|---|---|
| ATM | A computer terminal that you can use to make deposits, withdraw cash, transfer money between accounts, check your account balances, and pay some kinds of bills |
| Bank | is a financial institution that provides services, such as accepting deposits, giving business loans and auto loans, mortgage lending, and basic investment products like savings accounts and certificates of deposit. |
| Bartering | Trading goods and services without using money |
| Cancelled Checks | A check with the bank's stamp on it, indicating that it has been paid |
| Certified Check | A personal check that has been stamped and signed by a bank officer as a guarantee that your account has the funds to cover the check |
| Check Register | A booklet provided by your bank for recording you r checking account transactions |
| Debit Card | Card that transfers funds electronically from your checking account to the store's account to pay for a purchase |
| Direct Deposit | Depositing an employee's pay into the employee's bank account electronically, instead of using a paper paycheck |
| EFT | The movement of funds from one account to another by computer |
| Endorsement | Your signature on the back of a check, acknowledging that you received the funds or transferred your right to the funds to someone else |
| FDIC | Federal low that requires workers to contribute to social security and medicare |
| Interest | rates are the cost of borrowing money. Interest rates are normally expressed as a % of the total borrowed |
| Outstanding Checks | is a financial instrument that draws on the funds in an individual's or business' bank account but which has not yet been cashed or deposited by the payee |
| Overdrawing | Writing a check for more money than is deposited in your checking account |
| Safe Deposit Box | A box with a lock that you may rent from a bank for safe storage of important papers and valuable possessions |
| Statement(Bank) | A written record from your bank of all the transactions involving your account |
| Traveler's Checks | Checks that you pay for in advance, and if they are lost or stolen, the issuing company replaces them |
| Wire Transfer | An electronic communication that moves funds from an account in one bank to an account in a different bank instantly. |
Created by:
Ortizj41
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