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CH 17 financial serv
| Question | Answer |
|---|---|
| Bank | a financial institution must accept demand deposits, make consumer and commercial loans, and buy and sell currency and government securities. |
| Commercial Loan | a loan made to a business |
| Consumer Loan | a loan made to an individual for personal use. |
| nonbank | financial institution whose primary purpose is to offer financial products and services other than deposits and loans |
| check | a written order requiring the financial institution to pay previously deposited money to a third party on demand |
| endorsement | is the payee's signature on the bank of the check |
| unsecured loan | a loan that is not backed by collateral |
| secured loan | a loan backed by something of value owned by the borrower |
| prime rate | the rate at which large banks lend large sums to the best-qualified borrowers |
| Electronic funds transfer (EFT) | transferring money by computer rather than by check, has enabled financial institutions to provide faster, improved services. |
| direct deposit | the electronic transfer of a paycheck directly from the employers back account into the employees back account |
| savings account | a time deposit account that allows customers to make deposits, earn interests, and make withdrawals at any time without financial penalties |
| Certificate of deposit (CD) | a time deposit account that requires a specified minimum deposit for a fixed period at a fixed interest rate, |
Created by:
Laurah18
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