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Unit One

Financial Insitutions

QuestionAnswer
Financial Institution An organizations that collects funds from the public to place in financial assets such as stocks, bonds, money markets, bank deposits, or loans
ATM Card A card that allows basic financial services from an automated teller machine.
Debit card A card that looks like a credit card, but operates like cash; money is immediately subtracted from the user's bank account.
Debit An amount deducted from a bank account.
Credit Financial trust extended to a person or business by a lender; a loan.
Credit Card A card authorizing the holder to buy goods or services.
Interest Payment for the cost of using someone else's money, usually expressed as an annual percentage rate.
Opportunity Cost The next best alternative given up when making a choice.
Savings account Interest-bearing financial institution accounts where people put money aside for future use.
Invest To commit money in order to gain profit or interest.
Stock A share of a corporation sold to the public.
Simple Interest Interest that is paid on the amount deposited.
Compound Interest Interest that is paid on the amount deposited and the interest earned.
With a Credit Card you, buy now, pay later.
With a Debit Card you, buy now, pay now.
One disadvantage of using credit is it allows for impulse spending.
Three variables that affect saving money are amount, interest, and time.
Bonds A bond is an IOU, a record of the loan, and the terms of repayment.
Mutual Funds An investment company that pools money from shareholders to buy varied stocks and bonds.
Futures Obligations to buy or sell a specific commodity, such as corn, gold, or Treasury bonds on a specific day for a preset price.
Created by: Simryla