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Chp 19 Study Guide

Study for Chapter 19 Test POB

TermDefinition
Annuity An investment that provides regular income for a set period of time, usually for life.
Cashier’s Check Special type of check that the bank guarantees to pay.
Diversification The process of spreading risk by putting money in a variety of investments.
Endorsement Signature on the back of a check.
Certified Check Personal check certified by the bank to be genuine with enough money in the account to cover the check.
Estate Consists of the assets and liabilities a person leaves when he or she dies.
Individual Retirement Account (IRA) A vehicle that holds chosen personal retirement investments.
Money Order Payment order for a specific amount of money payable to a specific payee.
Overdraft Check written for an amount greater than the balance of the account.
Executor Person appointed to carry out the terms outlined in a will.
Post Dated Check Check written with a future date.
Payee Person, business, or organization to whom a check is written.
Interest-Bearing Savings Account Type of demand deposit account that pays interest and allows regular deposits and withdrawals.
Reconcile Comparing the check register to a bank statement to balance the checking account.
Certificate of Deposit (CD) Savings account that requires a fixed deposit amount for a fix period of time.
Money Market Account (MMA) A type of savings account that requires a higher minimum balance than regular savings accounts, but offers a higher interest rate.
Personal Investment Plan A plan to develop investment growth.
Security A type of investment issued by a corporation, government, or other organization.
Traditional IRA An individual retirement account that allows individuals to contribute pre-tax income to investments that grow tax deferred.
Traveler’s Check A special form of check that functions as cash in many places around the world
Savings A bank account used by depositors to accumulate money for future use. A strategy for using money to reach important goals and to advance financial security.
Safe-Deposit Box Rented from financial institutions to store valuables.
Electronic Funds Transfer (EFT) The movement of money electronically from one financial institution to another.
Automated Teller Machine (ATM) A machine used to check account balances, make cash withdrawals and deposits, and move money from one account to another.
Investment Portfolio A collection of securities and other assets a person owns.
Banking Products and Services The variety of products and services offered to customers by financial institutions.
Investing Purchasing a financial product or valuable item with the goal of increasing wealth over time .
Bank Statement A record of checks, ATM transactions, deposits, and charges on an account.
High-Yield Savings Account A savings account that requires a deposit of a fixed amount of money for a fixed period of time or term.
Roth IRA An individual retirement account to which individuals contribute after-tax income and qualified withdrawals are not taxed.
Mutual Fund An investment created by pooling the money of many people and investing it in a collection of securities .
P2P payments A service offered by some banks in which money is immediately transferred from one person to another.
Stop-Payment Order This service is useful if a check is lost or stolen, to prevent others from cashing it. A stop-payment order is also useful when there is a grievance about goods or services paid for by check.
Created by: mrstephens
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