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E&PF > Banking vocan > Flashcards

Banking vocan Flashcards

1
Q

Amount of interest that a $100 deposit would earn, after compounding, for one year.

A

Annual Percentage Yield (APY)

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2
Q

A computer terminal that allows a withdrawal of cash from an account.

A

Automated Teller Machine (ATM)

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3
Q

The amount of money you have in your bank account.

A

Balance

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4
Q

The Bank’s accounting of your transactions.

A

Bank Statement

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5
Q

A report that accounts for the differences between the bank statement and your checkbook balance.

A

Bank Reconciliation

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6
Q

Checks the bank has paid. They will appear on your bank statement.

A

Cancelled Check

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7
Q

A saving alternative in which money is left on deposit for a stated period of time to earn a specific rate of return.

A

Certificate of deposit (CD)

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8
Q

A written order to the bank that tells it to take a stated amount of money from your account and pay it to another.

A

Check

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9
Q

A handy portfolio that holds your check register, checks, deposit slips, receipts, and other ATM/debit card transactions.

A

Checkbook

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10
Q

A business that cashes checks, giving the customer cash in exchange for a free for the service.

A

Check cashing store

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11
Q

A record that allows you to keep track of checks you have written, ATM/debit cards transactions, as well as deposits and withdrawals.

A

Check register

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12
Q

A non-profit financial institution that is owned by its members and organized for their benefit.

A

Credit union

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13
Q

A for-profit institution that offers a full range of financial services, including checking, savings , and lending.

A

Commercial Bank

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14
Q

The process in which interest is earned on both the principle, the original amount you deposited, and on any previously earned interest.

A

Compounding

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15
Q

A sum of money deducted from your account.

A

Debit

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16
Q

A cash card that allows you to withdraw money or pay for purchases from your checking or savings account.

A

Debit card

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17
Q

Money you put into your account

A

Deposit

18
Q

A form you fill out to credit money to your account when you make a deposit.

A

Deposit slip

19
Q

An automatic deposit of net pay to an employee’s designated bank account.

A

Direct deposit

20
Q

To sign the back of a chack made out to you so it can be cashed or deposited.

A

Endorse

21
Q

The signature of payee, the party to whom the check has been written.

A

Endorsement

22
Q

A fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card.

A

Interest

23
Q

A savings account that requires a minimum balance and earns interest that varies from month to month.

A

Money Market Account

24
Q

A check that has been written but not yet deducted from the person’s bank account.

A

Outstanding check

25
Q

A deposit that has been made but not yet added to the person’s bank account.

A

Outstanding deposit

26
Q

An automatic loan made to an account if the balance will not cover checks written.

A

Overdraft protection

27
Q

To write a check or make a withdrawal when there isn’t enough money in account to pay for it.

A

Overdraw

28
Q

The person to whom the check is made payable.

A

Payee

29
Q

An online process that allows you to send money directly from your checking account to a friend via email or cellphone.

A

Person to person payment

30
Q

Personal Identification Number needed to use an ATM card.

A

PIN

31
Q

To write a future date on a check.

A

Point-of-sale transaction

32
Q

To write a future date on a check.

A

Post-date

33
Q

A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent.

A

Prepaid card

34
Q

The percentage of increase in the value of your savings from earned interest.

A

Rate of return

35
Q

To “balance” your checking account with your monthly statement from the bank.

A

Reconcile

36
Q

A financial institution that traditionally specialized in savings accounts and mortgage loans but now offers many of the same services as commercial banks.

A

Savings and Loan Association

37
Q

A card used when opening a new account that includes name, address, birthdate, etc.

A

Signature card

38
Q

The monthly record of your account transactions sent to you by your bank.

A

Statement

39
Q

A check “VOID” written across it that make it non-negotiable.

A

Voided check

40
Q

A request that a bank or other financial institution not cash a particular check.

A

Stop-payment order

E&PF (2 decks)

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