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FOB > Unit 19 > Flashcards

Unit 19 Flashcards

1
Q

an account that allows the owner to make deposits, write checks, and withdraw money

A

What is a checking account

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2
Q

a written order for the bank to pay a spesific amount to the party whom te check is written to

A

what is a check

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3
Q

a card that allows the user to electronically access funds in his or her account at an ATM or pay for goods and services from a business

A

what is a debt card

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4
Q

What is a straticgy for using money to reach important goals and to advance financial security

A

savings plan

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5
Q

What is a bank account used by depositers to accumulate money for future use

A

a savings account

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6
Q

What is a check written for an amount greater than the balance of the account

A

overdraft

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7
Q

what is a request for a financial institution to refuse to honor a check written

A

a stop payment order

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8
Q

what is a special type of check that the back guarantees to pay

A

cashier’s check

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9
Q

what is a personal check that the bank certifies is genuine and that there is enough money in the account to cover the check

A

certified check

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10
Q

what is a payment order for a specific amount of money payable to a specific payee

A

a money order

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11
Q

what is a payment order for a specific amount of money payable to a specific payee

A

a money order

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12
Q

what is the special form of a check that functions as cash

A

traveler’s check

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13
Q

What is the movement of money electronically from one financial institution to another

A

EFT

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14
Q

How can you immediately transfer money from one person to another

A

P2P

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15
Q

What is the signature on the back of a check

A

Endorsement

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16
Q

what must be filled out when writing a check

A

date, name of payee, amount of the check in #, amount of the check in words, reason-memo, signature

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17
Q

What is the endorsement that only requires the signature of the payee

A

Blank

18
Q

What is the endorsement where a check may be used for only a specific purpose,

A

Restrictive

19
Q

what is the endorsement used to transfer a check to another party

A

special

20
Q

What is the person, business, or organization to whom a check is written to called

A

payee

21
Q

what is a check written with a future date

A

a postdate check

22
Q

what is the record of checks, atm transactions, deposits and charges on an account called

A

a bank statement.

23
Q

What does it mean when you compare the check register to balance the checking account

A

Reconcile it

24
Q

What is the type of demand deposit account that pays interest and allows for regular deposits and withdrawals

A

Interest-Bearing savings account

25
Q

what is an account that pays a higher interest rate tan basic savings accounts

A

high-yield savings account

26
Q

what are the type of savings accounts that requires a higher minimum balance than a regular savings account, but offers a higher interest rate

A

money market account

27
Q

what is a savings account that requires a fixed deposit amount for a fixed period of time

A

certificate of decposit

28
Q

what is the purchasing of a financial product or valuable item with the goal of increasing wealth over time in spite of possible loss

A

Investing

29
Q

what is a plan that develops investment growth

A

personal investment plan

30
Q

what is a collection of securities and assets a person owns

A

investment portfolio

31
Q

what is the process of spreading risk by putting money in a variety of investments?

A

diversification

32
Q

what is an investment created by pooling the money of many people and investing it in a collection of securities

A

mutual fund

33
Q

What is the personal retirement investment account created by a person

A

individual retirement account — IRA

34
Q

what is an individual retirement account that allows individuals to contribute pretax income to investments that with grow tax deferred

A

traditional ira

35
Q

what is an individual retirement account in which individuals contribute after-tax income and qualified withdrawals are not taxed

A

roth IRA

36
Q

what is a contract with an insurance company that provides regular income for a set period of time

A

annuity

37
Q

What is it that consists of the assets and liabilities a person leaves when he or she dies

A

an estate

38
Q

what is the active management of assets with directives for managing and distributing them when the owner dies

A

Estate planning

39
Q

Who is a person appointed to carry out the terms in someones will

A

executor

40
Q

what is the legal document stating a person wishes for his/her estate after death

A

will

FOB (7 decks)

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