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4.02Personal Finance

4.02 Vocats Terms

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