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B&F Principle Unit 3

Banking and Finance Principles Unit 3

TermDefinition
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
Created by: enix