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B&F Principle Unit 3
Banking and Finance Principles Unit 3
Term | Definition |
---|---|
Bearer Instrument | A negotiable instrument payable to whoever holds it |
Bill of Exchange | A negotiable and written order addressed by one party to another |
Cash Card | Card commonly used at an ATM |
Charge Card | Card used when a consumer makes purchases but must pay the account in full at the end of the month |
Credit Card | Allows consumers to pay all or part of their bills each month and finance the unpaid balance |
Debit Card | Transfers money from a person’s designated account to the account of the retailer |
Draft | An order signed by one party that is addressed to another party directing the drawee to pay to someone the amount indicated |
E-Commerce | The buying and selling of products and services through an electronic medium |
Elements of Negotiability | Certain legal requirements that a check must meet |
Electronic Funds Transfer | Moving funds between different accounts in the same or different banks, through the use of wire transfer, automatic teller machines, or computers, but without the use of paper documents |
Mobile Banking | Conducting banking transactions using a cell phone |
Negotiable Instrument | A written order or promise to pay a sum of money to a specified party or the person who holds it |
On-Line Banking | Conducting banking transactions using a computer over the Internet |
Promissory Note | A written promise to pay at a fixed or determinable future time a sum of money to a specified individual |
Smart Card | Card with embedded microchips |