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Banking and Finance Final Review

Money something generally accepted as a medium of exchange, a measure of value or a means of payments
Currencies system of money in general use in a country
Coin type of money made with metal, stamped and issued by the authority of government
Banknotes promissory notes issued by a Federal Reserve Bank
Cash form of legal tender which can be used to exchange goods, debt or services
Debit Card payment card which provides the cardholder electronic access to their bank account
Credit Card payment card issued by a bank to cardholders as a method of payment
Personal Check slip of paper which allows the user to make a payment from his or her bank account to a business or individual
Money Supply total amount of monetary assets available in a country’s economy at a specific time
Money Demand desired holding of financial assets in the form of money– cash and bank deposit
Continentals paper currency issued in 1775 by the Continental Congress
Basic Functions of Money store of value, unit of account, medium of exchange
unit of account a standard monetary unit of measurement of value that provides a common base of price
US Treasury Department the government department that issues government bonds and creates currency and coinage
free banking era the time from 1836-1865 where there was no central bank in the US
fiat money a type of currency a government has declared legal tender, but not backed by a physical commodity
credit cards are not considered a form of currency
FDIC created to insure bank deposits after the major monetary losses that helped begin the Great Depression
1971 when the US gold standard was completely replaced with fiat money by President Richard Nixon
forms of financial exchange cash, credit cards, debit cards, personal checks, & electronic funds
The Fed the short name for The Federal Reserve, the central bank of the United States
Annual Percentage Rate APR; annual rate of interest
Depositor person who deposits money in a bank or who has a bank account
Interest the amount of money paid by a customer to a financial institution for borrowing money through a loan, credit card, etc.
Required Minimum Balance least amount required to be kept on deposit in a bank account
Credit Score represents creditworthiness in a person, which is the likelihood he/she will pay debts in a timely manner
Fixed Rate Interest interest rate does not fluctuate during the fixed rate period of the loan
Adjustable Rate Interest interest rate may fluctuate up or down during the term of the loan
Installments buyer gains use of the commodity immediately and pays for it in periodic payments
Lump Sum single sum of money which serves as complete payment
Collateral property acceptable as security for a loan or other obligation
Application Fee money paid to the bank or mortgage company to cover expenses of processing a loan application
Credit Check when a potential lender buys a copy of one’s credit history to determine whether or not he/she is someone with the ability and character to repay a debt
Net Worth total assets minus liabilities or debt
Stocks ownership of a corporation indicated by shares which represent a piece of the corporation’s assets and earnings
Bonds debt securities issued by a corporation or unit of government to raise money
Portfolio total holdings of the securities, commercial paper, etc. of a financial institution or private investor
Trade used to describe buying and selling stocks or bonds on the capital market
Personal Savings Account the best account for transferring monthly money from a new savings account into a personal checking account
Certificate of Deposit Account a type of account that you can invest in where you will not need access to your money for a set amount of time
Basic Savings Account an account with an advantage that allows you to access your money anytime you want
Service Fees you usually do not have to pay these if you have the advantage of a checking and savings account at the same bank
Online Banking allows you access to checking and savings account at almost any time
Credit Bureaus institutions responsible for providing your credit score; Equifax, Experian, and TransUnion
Credit History this is gathered from your public record and customer credit information
Payment History this is the most important component of your credit score
Principal known as the amount of money actually borrowed with the loan
Cost (Interest) known as the additional amount of money you will repay to the bank, along with the amount borrowed with the loan
Term known as the length of time you have to pay the loan back in full to the lender
Line of Credit known as having a set limit of money which can be borrowed at any one time and interest is only paid on the amount borrowed
Upfront Fees fees that are usually included for application processing, attorney's expertise, and your credit report
Investments contains the three major categories of stocks, bonds, and cash
Down Payment a payment that goes toward the ownership of your new home
Homeowner the party responsible for maintenance and repairs of the home you own
Real Estate you can “flip” it, use it as rental property, or as your primary residence
ATM Used to withdraw cash from a checking account.
Balance An amount available or owed on an account.
Check An order to pay another person an amount of money from your account.
Check Register Record of all deposits to and withdrawals from a checking account.
Checking Account Account where money can be withdrawn with checks or a debit card.
Cleared Check When money has transferred from the account of the payer to the payee.
Debt The amount you owe on a loan.
Deposit Money placed into an account.
Direct Deposit Paycheck that is electronically transferred into your account.
Expense Anything you spend money on.
Gross Pay The total amount of a paycheck before taxes.
Income Money earned through work.
Insurance A product offered by a company promising to protect you from specific financial risks.
Net Pay The amount of a paycheck after taxes are subtracted from Gross Pay.
Overdraft Credit extended from a financial institution when an account has insufficient funds. Usually results in a fee.
Paystub A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes.
Reconciliation A way to balance your account records with your bank or credit union.
Savings Account Account for storing or saving money with limited withdrawals.
Transfer When money is moved from one account to another.
Ethics set of standards of conduct that guide decisions and actions based on duties derived from core values
Ethical Behavior action guided by a set of principles of morality
Moral Behavior conduct in accordance with what a person determines is right versus wrong
Legal Behavior conduct based on or authorized by law, which is established by society to maintain order and protect people and properties from harm
Ethical Dilemma complex situation in which people have difficulty choosing between a moral or an immoral act
Code of Ethics set of written standards issued by an organization to assist its employees in conducting their actions in conformity with the organization's ethical values
Business Social Responsibility duties and obligations of businesses which contribute to the wellbeing of society
Stakeholders all the parties which interact with the business
What is the primary purpose of a spending plan? to see how much money you have each month
Who is responsible for restoring your credit when you identity is stolen? yourself
Which type of bank is most widely used? commercial banks
What is the purpose of providing a bank statement to a customer? to show activity during a specific time period
What should you do with all deposit receipts as well as receipts for purchases until reconciliation process happens? keep them
The conversion of a message into code is known as which of the following? Encryption
What is the same amount of money earned on a set interval basis, such as monthly or quarterly? Fixed Income
What is the amount of money earned is not the same each pay period? Variable Income
What is a bill, such as monthly rent, which is the same each month? Fixed Expense
What is a bill, such as a utility bill, which is a different amount each month? Variable Expense
What is money without a specific purpose left over each month after all bills have been paid? Discretionary Expense
What is stealing of a person’s financial information, such as credit cards and Social Security number, with the intent to make purchases under the person’s identity? Identity Theft
What is phony business deal created to get money from people with intention of giving anything in return? Scam
What are requests for money, services, donations, etc.? Solicitations
What is the schedule of recurrent times in any regular system of preparing or sending bills? Billing Cycle
What is the specific listing of individual pieces or units of information? Itemization
What is anything which saves or simplifies work, adds to one’s ease or comfort, etc.? Convenience
What is the conversion of a message, information, etc., into code? Encryption
Created by: Mr.Johnston
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