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Chapter 6
Consumer
Question | Answer |
---|---|
ATM | Automated Teller Machine |
Bank | A financial establishment that invests money deposited by customers, pays it out when required, makes loans at interest, and exchanges currency. |
Bartering | Trading goods and services without money |
Canceled Check | A check with the bank's stamp on it, indicating that it has been payed |
Certified Check | A personal check that has been signed by a bank officer as a guarantee that your account has the funds to cover the check |
Check Register | A booklet provided by your bank for recording your checking account transactions |
Debit Card | Card that transfers funds electronically from your checking account to the store's account to pay for a purchase |
Direct Deposit | Depositing an employee's pay into the employee's bank account electronically, instead of using paper paycheck |
EFT | Electronics Funds Transfer. The movement of funds from one account to another by computer |
Endorsement | Your signature on the back of the check, acknowledging that you received the funds or transferred your right to the funds to someone else |
FDIC | Federal Deposit Insurance Corporation. a federal government agency that insures deposits in banks |
Interest | Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
Outstanding Checks | A financial instrument that draws on the funds in an individual's or business' bank account but which has not yet been cashed or deposited by the payee. |
Overdrawing | Writing a check for more money than is deposited in your checking account |
Safe Deposit Box | A box with a lock that you may rent from a bank for safe storage of important papers and valuable possesions |
Statement (Bank) | |
Traveler's Checks | |
Wire Transfer |