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Rutiri-Per. Finance

Midterm Exam for Budgeting, Checking & Savings, Credit

QuestionAnswer
Account A banking service allowing a customer’s money to be handled and tracked.
Account Balance The exact amount of money contained in a deposit account according to the bank.
Account Fee: The amount charged by a financial institution for the services they provide in managing the account.
Accounting: The profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes.
Annual Fee The fee a credit card company charges a credit card holder to use the card for a year.
ATM A specialized computer used by bank customers to manage their money, for example, to get cash, make deposits, or transfer money between accounts.
Bad Check: A situation in which the lenders believe that, due to a borrower’s poor history of repaying his or her debts, furthers loans to this person would be especially risky.
Balance your Checkbook the process of comparing your monthly checking account statement with your check register to make sure that your records and the bank’s records match.
Bank: A financial institution that handles money, including keeping it for saving or commercial purposes, and exchanging, investing, and supplying it for loans.
Bank Account: A banking service allowing a customer’s money to be handled and tracked.
Bankruptcy To legally declare yourself unable to repay your debts.
Cancelled Check: A customer’s check that the bank has paid and charged against the check writer’s account.
Cashier’s Check A check issued by the bank, drawn on the funds orA check issued by the bank, drawn on the funds or the bank, and signed by an officer of the bank. the bank, and signed by an officer of the bank.
Certified Check A personal or business check guaranteed by the bank on which it is drawn.
CD: A bank account in which you agree to keep the money for specified period of time, usually anywhere from three months to several years.
Character The financial steadiness and stability of a borrower.
Charge Card Similar to a credit card, except that charges card requires the card holder to pay off the entire balance monthly.
Check: A written order instructing the bank to pay a specific amount of money to a specific person or entity.
Check 21 A federal law designed to increase the efficiency and reduce the cost of check processing for financial institutions nationwide.
Check Register A small notepad you receive when you open a checking account for the purpose of tracking your checks, deposits, and current balance.
Checking Account: A bank account that allows a customer to deposit and withdraw money and write checks.
Clear: When the bank pays a check you have written and then subtract the amount from your account, your check has “cleared” the bank.
Collateral Any assets of a borrower that lender has a right to take ownership of if the borrower doesn’t repay the loan as agreed.
Collection Agency: A business that specialized in collecting past due debts.
Compound Interest: When a financial institution pays you interest not only on your initial principal but also on the interest your deposit has earned over time.
Co-signer: A second Person who signs your credit or loan application.
Cost of the Loan: The total amount the borrower pays for a loan, including the amount borrowed, the total interest paid over the term of the loan, and all loan fees.
Credit: When a bank or business allows its customers to purchase goods or services on the promise of future payment.
Credit Bureau: Agencies that collects and reports information on people who have applied for credit and who have used credit.
Credit Card: Any card that may be used repeatedly to borrow money or buy products and services on credit.
Credit Check: A lender, landlord, employer, or insurer’s inquiry at a credit bureau for the purpose of evaluating the credit history of an applicant.
Credit Counselor A professional advisor who specialized in helping people with debt and credit problems.
Credit History A written record of a person’s use of credit, including applying for credit, and using credit or loans to make purchases.
Credit Limit: The maximum dollar amount the lender is willing to make available to the borrower according to the agreement between them.
Credit Rating An evaluation of an individual’s or business’s financial history and the ability to pay debts.
Credit Report A report issued by an independent agency that contains information cornering a loan applicant’s credit history and current credit standing.
Credit Score: A numerical rating that indicates an individual’s creditworthiness based on a number of criteria.
Credit Union: A non-profit financial institution that is owned and operated entirely by its members.
Creditor: An individual or business that lends money or extends credit.
Creditworthiness: A lender’s measure of an individual or company’s ability to pay debts.
Currency Any form of money that is in the public circulation.
Debit: Any item that reduces the balance in a bank account.
Debit Card: A special card issued by a bank that looks like and is treated like a credit card; however, when used, the amount of the purchase or cash advance is subtracted for the user’s deposit account rather than drawing on available credit.
Debt: Money, goods, or services you owe to others.
Deposit: To put money into your account.
Direct Deposit: A deposit made directly into your account by the payer without the use of a check or deposit slip.
Discretionary Expense: The purchase of goods or services which are not essential to the buyer, or are more expensive than necessary
Budget A monthly or yearly spending and savings plan developed by a person, family, or business.
Bank Statement A monthly accounting document sent to you by your bank that lists your account balance at the beginning and end of the month.
Bad Credit a situation in which lenders believe that, due to a borrower's poor history of repaying his or her debts, further loand to this person would be especially risky.
Created by: eva_rutiri