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Money Vocabulary

TermDefinition
Money Anything of value that is accepted in return for goods or services.
Banknote Document guaranteeing payment of a specific amount of money.
Security A financial investment issued by a corporation, government or other organization.
Monetary System The mechanism a nation uses to provide and manage money for itself.
Financial Exchange The process of transferring money from one individual or organization to another.
Cash Includes paper money and coins.
Credit Cards A plastic card that allows the holder to make credit purchases up to an authorized amount.
Debit Cards Allows customers to pay for purchases directly from their checking account.
EFT A transfer of money from one bank account to another.
Financial Institutions Any organization that provides services related to money.
Depository A financial institution that accepts money from customers and deposits into the customer's account.
Deposit Money places into an account.
Nondepository A financial institution that does not accept deposits.
Checking Account A bank account that allows the account owner to make deposits, write checks and withdraw money.
Check A written order for the bank to pay a specific amount to the person or organization to which the check is written.
Savings Account A bank account used by account owner to accumulate money for future use.
Line of Credit A prearranged amount of credit that is available for a business to use as needed.
Letter of Credit A document guaranteeing that a buyer will pay the seller the agreed-upon amount and within the time specified.
Created by: baileyjodavis
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