Mod 3-5

Question 1

Truth in Lending Act (TILA)

Answer 1

The Truth in Lending Act of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed

Question 2

Advanced Beneficiary Notice (ABN)

Answer 2

also known as a waiver of liability, is a notice a provider should give you before you receive a service if, based on Medicare coverage rules, your provider has reason to believe Medicare will not pay for the service.

Question 3

professional courtesy

Answer 3

refers to the etiquette extended between members of the same profession.

Question 4

medically indigent

Answer 4

means any person who is in need of a legend drug and who is not eligible for medicaid or medicare, who cannot afford pri- vate prescription drug insurance or who does not have income and other re- sources available sufficient to pay for the legend drug.

Question 5

collection

Answer 5

the action or process of collecting someone or something.

Question 6

executor

Answer 6

a person or institution appointed by a testator to carry out the terms of their will.

Question 7

decedent

Answer 7

person who has died

Question 8

unsecured debt

Answer 8

refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment

Question 9

trustee

Answer 9

an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified.

Question 10

non-sufficient funds

Answer 10

term used in the banking industry to indicate that a check is not being honored because insufficient cleared funds are in the account on which the heck was drawn.

Question 11

accounts payable

Answer 11

money owed by a company to its creditors.

Question 12

invoice

Answer 12

bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.

Question 13

Federal Reserve Bank

Answer 13

the central banking system of the United States of America.

Question 14

Retail bank

Answer 14

is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner.

Question 15

Commercial bank

Answer 15

a bank that offers services to the general public and to companies.

Question 16

Credit union

Answer 16

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

Question 17

Online banks

Answer 17

allows a user to conduct financial transactions via the Internet

Question 18

Principal

Answer 18

amount that has been borrowed

Question 19

Discretionary income

Answer 19

income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.

Question 20

Customer oriented banking

Answer 20

approach to sales and customer-relations in which staff focus on helping customers to meet their long-term needs and wants.

Question 21

Routing transit number

Answer 21

is a nine-digit number used to identify a bank or financial institution when clearing funds or processing checks.

Question 22

Automated clearinghouse transfer

Answer 22

s an electronic funds-transfer system that facilitates payments in the U.S.

Question 23

American Bankers Association number

Answer 23

800) 226-5377

Question 24

Negotiable instrument

Answer 24

is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document.

Question 25

Debit card

Answer 25

Card that can be used to make payments with instead of cash.

Question 26

Credit card

Answer 26

a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

Question 27

Accounting management software

Answer 27

focuses on all accounting aimed at informing management about operational business metrics.

Question 28

Deposit

Answer 28

a sum of money placed or kept in a bank account, usually to gain interest

Question 29

Endorser

Answer 29

is a person who is authorized to sign a negotiable security in order to transfer ownership from one party to another or to approve the terms and conditions of a contract.

Question 30

Blank endorsement

Answer 30

is a signature on a financial instrument such as a check

Question 31

Restrictive endorsement

Answer 31

signed on the back of a check, note or bill of exchange which restricts to whom the paper may be transferred.

Question 32

Special endorsement

Answer 32

A check is signed with a special endorsement when you want to give your check to another person.

Question 33

Qualified endorsement

Answer 33

is an endorsement that passes title to a negotiable instrument with certain restrictions.

Question 34

Overdraft

Answer 34

a deficit in a bank account caused by drawing more money than the account holds.

Question 35

Stop-payment

Answer 35

is a formal request made to a financial institution to cancel a check or payment that has not yet been processed.

Question 36

Direct deposit

Answer 36

in banking, is a deposit of money by a payer directly into a payee’s bank account

Question 37

Electronic funds transfer

Answer 37

electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff

Question 38

Reconciliation

Answer 38

the restoration of friendly relations.