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4.02Personal Finance
4.02 Vocats Terms
| Term | Definition |
|---|---|
| Commercial Bank | A full-service financial institution that offers a variety of service |
| Savings and Loans Association | A financial institution that provides loans and mortgages to customers who hold a saving account |
| Credit Union | A nonprofit financial cooperative owned by its members |
| Brokerage Firm | A licensed institution that specializes in investing |
| Insured Financial Institutions | One that is insured---as by Federal Deposit Insurance (FDIC), Savings Association Insurance Fund (SAIF)' or National Credit Union Administrative (NCUA) to protect deposits of clients |
| Checking Account | Paper checks or debit cards are used to withdraw money deposited into the account to pay for items |
| Savings Account | Money is deposited into an account to earn interest |
| Retirement Plan Account | A plan for saving money for retirement; money tax-deferred until withdran |
| Share Account | A savings account at a credit union |
| Share Certificate Accunt | A certificate of deposit at a credit union |
| Share Draft Account | A checking account at a credit union |
| Bond | An investment of money in a government or organzation |
| Certificate Of Deposit | An insured interest-earning savings tool with restricted access to funds |
| Mutual Fund | Groups of stocks, bonds, and other investments managed by an investment firm |
| Real Estate Investment | Purchasing properties as an investment to gain profit |
| Stock | Ownership, represented by shares, in a corporation |
| Credit Card | A card used to make a purchase; must be repaid later with interest |
| Loan | Borrowed money |
| Mortgage | A loan to purchase a home or other real estate |
| Financial Counseling | Assistance to consumers with specific areas of financial planning |
| Safe-Deposit Box | A secured box in a bank used by clients for valuable personal items |
| E-Banking | Using computer networks to make electronic funds transfer among accounts |
| Access | The ability to obtain money from one's account quickly and easily |
| Point-Of-Sale Transfer (POS) | The place where a purchase is made and money is electronically moved |
| Personal Identification Number(PIN) | A unique number kept secured and used to access an account and perform transactions |
| Automated Teller Machine (ATM) | A computer terminal used to transact business with a financial institution |
| Direct Deposit | Arrangement for electronically depositing pay/benefits directly into an account |
| Direct Withdrawal | Arrangement for electronically withdrawing funds from an account to pay bills |
| Smart Card | Card storing pre-paid amount of money to use when making purchases |
| Currency | Paper money:bills |
| Personal Check | A hand-written document used to pay for purchases using funds in a personal checking acount |
| Cashier's Check | A check brought from a bank with payment guarantee by the bank |
| Certified Check | A personal check with a bank's guarantee of payment |
| Money Order | A way for people with no checking account to send money by mail |
| Traveler's Check | A check used in place of cash when traveling for greater security |
| Debit Card | A card used for point-of-sale transactions on a checking account |
| Credit Card | A card used for payment through credit with interest occuring |
| Open-End Credit | A credit arrangement where the the amount of money borrowed continues to change as payment are made and purchases are put on the credit card |
| Closed-End Credit | A credit arrangement where the amount of money borrowed and the amount to be repaid per month are fixed at the time the installment loan is made |
Created by:
Lucassh
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