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chapter 7

Voc

TermDefinition
ATM A computer terminal that you can use to make deposits, withdraw cash, transfer money between accounts, check your account balances, and pay some kinds of bills
Bank is a financial institution that provides services, such as accepting deposits, giving business loans and auto loans, mortgage lending, and basic investment products like savings accounts and certificates of deposit.
Bartering Trading goods and services without using money
Cancelled Checks A check with the bank's stamp on it, indicating that it has been paid
Certified Check A personal check that has been stamped and signed by a bank officer as a guarantee that your account has the funds to cover the check
Check Register A booklet provided by your bank for recording you r checking account transactions
Debit Card Card that transfers funds electronically from your checking account to the store's account to pay for a purchase
Direct Deposit Depositing an employee's pay into the employee's bank account electronically, instead of using a paper paycheck
EFT The movement of funds from one account to another by computer
Endorsement Your signature on the back of a check, acknowledging that you received the funds or transferred your right to the funds to someone else
FDIC Federal low that requires workers to contribute to social security and medicare
Interest rates are the cost of borrowing money. Interest rates are normally expressed as a % of the total borrowed
Outstanding Checks is a financial instrument that draws on the funds in an individual's or business' bank account but which has not yet been cashed or deposited by the payee
Overdrawing Writing a check for more money than is deposited in your checking account
Safe Deposit Box A box with a lock that you may rent from a bank for safe storage of important papers and valuable possessions
Statement(Bank) A written record from your bank of all the transactions involving your account
Traveler's Checks Checks that you pay for in advance, and if they are lost or stolen, the issuing company replaces them
Wire Transfer An electronic communication that moves funds from an account in one bank to an account in a different bank instantly.
Created by: Ortizj41