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Debit & Credit

8th grade FACS: Debit & Credit

TermDefinition
bank a for profit institution that offers personal loans, mortgages, and other services
credit union a not-for-profit cooperative that offers bank services and is owned by its members
financial institution a business that provides money related services
interest a fee received or paid for the use of money
internet bank a web-only bank
mobile banking a wireless service that allows financial transactions by using an app or Web browser from a mobile device
online banking an electronic way to view account activity and pay bills via the Internet and an institution's website
bankruptcy a legal process that gives a debtor protection from creditors
cash money in the form of bills or coins
check a written order for a bank to pay money
credit the amount of financial trust extended to a person or a business by a lender; a loan
credit card a card authorizing the holder to buy goods and services that can be paid for later
debit an amount deducted from a bank account
debit card a card that looks like a credit card but operates like cash; money is immediately subtracted from the card holder's bank account when a purchase is made
debt money owed
foreclosure a legal process in which a lender takes possession of mortgaged property from a mortgage holder who failed to make payments
credit report a record of a person's financial information, including previous addresses, Social Security number, current and previous employers, estimated income, credit card accounts with amount owed and payment history, and loan information.
credit score a standardized measurement of the potential to repay a debt
Created by: mnunn
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