chapter 5 Word Scramble
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Term | Definition |
Direct Deposit | automatic deposit of net pay to an employee's designated bank account |
Automated teller machine | a computer terminal that allows a withdrawal of cash from a account |
debit card | is a cash card that allows you to withdraw money or pay for purchases from your checking or savings account |
point of scale transcation | a purchase by a debit card of a good or service at a store , restaurant, or elsewhere |
commercial bank | a for profit institution that offers a full range of financial service including checking, savings, and lending |
saving and loan association | a financial intuition that specialized in savings account or mortgage loans but now offers many of the same services as commercial banks |
credit union | a non profit financial institution that is owed by its members and is organized for their benefit |
certificate of deposit | a saving alternative in which money is left on deposit for a stated period of time to earn a specific rate in return |
money market account | a saving account that requires a minimum balance and earns and interest that varies month to month |
rate of return | is the percentage of increase of the value of you savings from earn interest |
compounding | process in which insert is earned on both on the original amount you deposited and any previously earned interest |
annual percentage yield | the amount of interest that a 100$ deposit would earn after compounding for a year |
overdraft protection | the automatic loan made to an account if the balance will not cover checks written |
stop payment order | a request a bank or other financial institution not cash a particular check |
endorsement | a signature of the payee a party to whom the check has been written |
bank reconciliatoin | a report that accounts for the difference between the bank statement and a checkbook balance |
Created by:
Radilinn
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