Chapter 4: Personal Finance

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

What is an Automatic Teller Machine (Cash Machine)?

A computer terminal used to conduct banking transactions

What is a Money Market Fund?

A savings-investment plan offered by investment companies, with earnings based on investments in various short-term financial instruments

What is a Credit Union?

A user-owned, nonprofit, cooperative financial institution that is organized for the benefit of its members

What is Mutual Savings Bank?

A financial institution that is owned by depositors and specializes in savings accounts and mortgage loans

What is Commercial Banking?

A financial institution that offers a full range of financial services to individuals businesses and government agencies

What is Savings and Loan Associate (S&L)?

A financial institutions that traditionally specialized in savings accounts and mortgage loans

What is a trust?

A legal agreement that provides for management and control of assets by one party for the benefit of another

What is a Debit Card (Cash Card)?

A plastic access card used in computerized banking transactions

What is Compounding?

A process that calculates interest based on previously earned interest

What is a Money Market Account?

A savings account offered by banks, savings, and loans associations, and credit unions that requires a minimum balance and has earnings based on market interest rates

What is a Certificate of Deposit?

A savings plan required that a certain amount be left on deposit for a stated time period to earn a specified interest rate

What is an Asset Account Management (Cash Management Account)?

An all-in-one account that includes savings, checking, borrowing, investment, and other financial services for a single fee,

What is Overdraft Protection?

An automatic loan made to checking account customers to cover the amount of checks written in excess of the available balance in the checking account

What is Rate of Return (Yield)?

The percentage of increase on the value of savings as a result of interest earned

What is Annual Percentage Yield?

The percentage rate expressing the total amount of interest that would be received on a $100 deposit based on the annual rate and frequency of compounding for a 365-day period


Ensembles d'études connexes

Salesforce AI Associate: Trailhead 1

View Set

art history 20-21 northern europe and italy

View Set

Calcium Homeostasis and Hormonal Regulation

View Set