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PF Lesson 1

Lesson 1 of Ashworth Personal Finance Program Notes

QuestionAnswer
Financial Institutions that act as a go-between for savers and borrowers. Financial Intermediaries
F.I. that generally offers two major services to the public: 1) Transaction Accounts 2)Direct Loans. Commercial Banks
Non Profit oriented financial institution opened solely for the benefit of its customers. They only cater to the needs of individuals and families. Credit Unions
Savings Institutions that mainly serve individuals and families, accepting saving and checking deposits from households Thrift Institutions aka S&L Associations or Savings Banks
Financial Institution that specializes in accepting savings deposits and making mortgage and other loans. Thrift Institutions aka S&L Associations or Savings Banks
More commonly known as Mutual Fund Companies, they obtain funds from many investors by selling shares. Investment Companies (Mutual Funds)
Exist primarily to offer the small saver a means of obtaining diversification. Investment Companies (Mutual Funds)
A specialized type of Mutual Fund that invests in short-term, highly liquid investments. Money Market Fund
The spreading out of risk Diversification
Financial Institution created so that many small investors can pool funds and invest in commercial Real Estate. Real Estate Investment Trust (REIT)
F.I. that makes loans to individuals and families - usually installment loans to purchase consumer goods. Consumer Finance Company
F.I. that lends indirectly to households through retail outlets. Sales Finance Company
F.I. that exists to promote the sales of a particular manufacturer's product by offering convenient & affordable credit. Captive Finance Company
F.I. that makes loans to business that need working capital or long-term credit. Commercial Finance Company
Instead of lending funds, these F.I.s purchase high cost goods and lease the equipment to the user. Leasing Companies
They bring together buyers and sellers of securities so that financial transactions can occur. Securities Broker
Any form of ownership that can be easily traded on a secondary market, such as stocks and bonds. It also includes their derivatives, such as futures contracts, options, or mutual funds. Securities
Brings buyers and sellers together, and they also purchase securities for their own account Securities Dealers
They underwrite new issues of corporate stocks, bonds, and state and local government debt securities. Unlike commercial banks & retail banks, they do not take deposits. Investment Bankers
"To support by guarantee of Money." or Buy the entire issue (for new issues). Underwrite (Underwriting)
They acquire Mortgage securities from the construction of new Real Estate and sell them to long-term lenders. Mortgage Bankers
Created by: Rachellewms