Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter 17
Financial Services
| Question | Answer |
|---|---|
| Bank | must accept demand deposits, make consumer and commercial loans, and buy and sell currency and government securities |
| Commercial Loan | made to a business |
| Consumer Loan | made to an individual for personal use |
| Nonbank | the primary purpose of an institution is to offer financial products and services other than deposits and loans |
| Check | a written order requiring the financial institution to pay previously deposited money to a third party on demand |
| Endorsement | the payee's signature on the back of the check |
| Unsecured Loans | a loan that is not backed by collateral |
| Secured Loan | a loan backed by something of value owned by the borrower |
| Prime Rate | the rate at which large banks lend large sums to the best-qualified borrowers |
| Electronic Funds Transfer (EFT) | transferring money by computer rather than by check; enables financial institutions to provide faster, improved services |
| Direct Deposit | the electronic transfer of a paycheck directly from the employer's bank account into the employee's bank account |
| Savings Account | a time deposit account that allows customers to make deposits, earn interest, and make withdrawals at any time without financial penalties |
| Certificate of Deposit (CD) | a time deposit account that requires a specified minimum deposit for a fixed period at a fixed interest rate |
Created by:
torilynnbell
Popular Management sets