Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Banking
| Term | Definition |
|---|---|
| check | A written order telling a financial institution to pay another individual. An order to transfer money to another account |
| cashier's check | A check that draws money from the banks funds |
| certified check | a check that is guaranteed by a bank |
| cancelled check | A check that the money has been already transferred |
| outstanding check | A check that has been written but has not been through the bank. Therefore, the money has not been transferred |
| Floating a check | – amount of time it takes for money to leave your account |
| Check Endorsement | Signature included on the front and back of the check |
| Overdraft | when the amount of money taken from the bank is greater than the amount in the account |
| Overdraft protection | line of credit that banks offer to their customers to cover their overdrafts |
| Stop payment order | request made to cancel a check or payment |
| Demand deposit | a deposit of money that fan be withdrawn without prior notice |
| Deposit in transit | cash that a company has received |
| Reconciliation | process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by thebank, and the corresponding amount shown in the organization's own accounting records. |
| Money market account | an interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the accountholder with limited check-writing ability. |
| Liquidity | degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's price |
| Interest | charge to borrow money |
| Share Account | an account at a credit union: Share savings accounts pay dividends, similar to interest from a bank savings account |
| Principal | specific meaning in the context of commercial law |
| Compound Interest | - interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. |
| Certificate of deposit | interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. |
| Maturity Date | the final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid. |
| checkbook register | document used to record financial transactions when you pay with cash |
Created by:
laurenlend
Popular Finance sets