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Banking Vocab
| Term | Definition |
|---|---|
| Bank | a financial institution that accepts deposits from the public and creates Demand Deposit. Lending activities can be performed either directly or indirectly through capital markets. |
| Bank Statement | an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution |
| Cash | money in the physical form of currency, such as banknotes and coins. |
| Certificate of deposits | a certificate issued by a bank to a person depositing money for a specified length of time. |
| Check | a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the check has been issued. |
| Check Register | a document, usually part of the general ledger, used to record financial transactions in cash |
| Checking Account | an account at a bank against which checks can be drawn by the account depositor. |
| Commercial Banks | a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit. |
| Compounding | the process whereby interest is credited to an existing principal amount as well as to interest already paid |
| Compound Interest | the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. |
| Credit Card | a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges |
| Credit Union | a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| Debit Card | a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
| Financial Institutions | banking institutions, are corporations that provide services as intermediaries of financial markets. |
| Interest - Fixed, Variable | A fixed rate loan has the same interest rate for the entirety of the borrowing period, while variable rate loans have an interest rate that changes over time |
| Balloon Payment | a large payment due at the end of a balloon loan, such as a mortgage, a commercial loan, or another type of amortized loan |
| Interest Income | he amount of interest that has been earned during a specific time period |
| Money | any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes |
| Money Market | a component of the economy which provides short-term funds. The money market deals in short-term loans, generally for a period of less than or equal to 365 days. |
| Payment Method | The way that a buyer chooses to compensate the seller of a good or service that is also acceptable to the seller |
| Savings | income not spent, or deferred consumption. |
| Savings Account | a basic type of bank account that allows you to deposit money, keep it safe, and withdraw funds, all while earning interest |
| Scarcity | the state of being scarce or in short supply; shortage. |
| Simple Interests | a quick and easy method of calculating the interest charge on a loan. |
Created by:
zshaw
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