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financial services
| Term | Definition |
|---|---|
| bank | A financial institution must accept demand deposits, make consumer and commercial loans, and buy and sell currency and government securities. |
| commercial loan | Is a loan made to a business |
| consumer loan | Is a loan made to an individual for personal use. |
| Nonbank | Primary purpose of an institution is to offer financial products and services other than deposits and loan, it is classified. |
| Check | Is a written order requiring the financial institution to pay previously deposited money to a third party on demand. |
| Unsecured loan | Is a loan that is not backed by collateral. |
| secured loan | alson called a collateral loan, is a loan backed something of value owned by the borrower. |
| prime rate | which is the rate at which large banks lend large sums to the best-qualified borrowers. |
| Electronic funds transfer | transferring money by computer rather than by check, has enabled financial institutions to provide faster, improved services. |
| investment | is the use of money to make more money |
| saving bonds | are nonnegotiable securities sold by the U.S. Treasury in small denominations to individuals investors. |
| mutual fund | pools the money to many investors primarily for the purchase of stocks and bonds |
Created by:
michael childers
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