Financial Services
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Bank | A financial institution that must accept demand deposits, make consumer and commercial loans, and buy and sell currency and government securities
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| Commercial Loan | a loan made to a business
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| Consumer loan | a loan made to an individual for personal use
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| Nonbank | if the primary purpose of an institution is to offer financial products and services other than deposits and loans
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| Check | a written order requiring the financial institution to pay previously deposited money to a third party on demand
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| Endorsement | the payee's signature on the back of a check
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| Unsecured Loan | a loan that is not backed by collateral
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| Secured Loan | a loan backed by something of value owned by the borrower
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| Prime Rate | the rate at which large banks lend large sums to the best-qualified borrowers
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| Electronic Funds Transfer (EFT) | transferring money by computer rather than by check
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| Direct Deposit | the electronic transfer of a paycheck directly from the employer's bank account into the employee's bank account
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| Savings Account | a time deposit account that allows customers to make deposits, earn interest, and make withdrawals at any time without financial penalties
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| Certificate of Deposit | a time deposit account that requires a specified minimum deposit for a fixed period at a fixed interest rate
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Created by:
rachel.smith
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