4.02 Vocats Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Commercial Bank | A full-service financial institution that offers a variety of service
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| Savings and Loans Association | A financial institution that provides loans and mortgages to customers who hold a saving account
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| Credit Union | A nonprofit financial cooperative owned by its members
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| Brokerage Firm | A licensed institution that specializes in investing
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| Insured Financial Institutions | One that is insured---as by Federal Deposit Insurance (FDIC), Savings Association Insurance Fund (SAIF)' or National Credit Union Administrative (NCUA) to protect deposits of clients
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| Checking Account | Paper checks or debit cards are used to withdraw money deposited into the account to pay for items
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| Savings Account | Money is deposited into an account to earn interest
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| Retirement Plan Account | A plan for saving money for retirement; money tax-deferred until withdran
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| Share Account | A savings account at a credit union
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| Share Certificate Accunt | A certificate of deposit at a credit union
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| Share Draft Account | A checking account at a credit union
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| Bond | An investment of money in a government or organzation
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| Certificate Of Deposit | An insured interest-earning savings tool with restricted access to funds
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| Mutual Fund | Groups of stocks, bonds, and other investments managed by an investment firm
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| Real Estate Investment | Purchasing properties as an investment to gain profit
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| Stock | Ownership, represented by shares, in a corporation
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| Credit Card | A card used to make a purchase; must be repaid later with interest
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| Loan | Borrowed money
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| Mortgage | A loan to purchase a home or other real estate
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| Financial Counseling | Assistance to consumers with specific areas of financial planning
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| Safe-Deposit Box | A secured box in a bank used by clients for valuable personal items
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| E-Banking | Using computer networks to make electronic funds transfer among accounts
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| Access | The ability to obtain money from one's account quickly and easily
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| Point-Of-Sale Transfer (POS) | The place where a purchase is made and money is electronically moved
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| Personal Identification Number(PIN) | A unique number kept secured and used to access an account and perform transactions
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| Automated Teller Machine (ATM) | A computer terminal used to transact business with a financial institution
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| Direct Deposit | Arrangement for electronically depositing pay/benefits directly into an account
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| Direct Withdrawal | Arrangement for electronically withdrawing funds from an account to pay bills
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| Smart Card | Card storing pre-paid amount of money to use when making purchases
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| Currency | Paper money:bills
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| Personal Check | A hand-written document used to pay for purchases using funds in a personal checking acount
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| Cashier's Check | A check brought from a bank with payment guarantee by the bank
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| Certified Check | A personal check with a bank's guarantee of payment
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| Money Order | A way for people with no checking account to send money by mail
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| Traveler's Check | A check used in place of cash when traveling for greater security
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| Debit Card | A card used for point-of-sale transactions on a checking account
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| Credit Card | A card used for payment through credit with interest occuring
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| Open-End Credit | A credit arrangement where the the amount of money borrowed continues to change as payment are made and purchases are put on the credit card
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| Closed-End Credit | A credit arrangement where the amount of money borrowed and the amount to be repaid per month are fixed at the time the installment loan is made
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