Government and Economics: Unit 10, quiz 3

Debit card

A card to acts like a check at a purchase; the money is removed from your account immediately

Inventory

A detailed list of things on hand or in possession

Travelers checks function almost like

Cash

Traveler's check

Checks which function almost white cash bar replaceable if lost or stolen

Travel money card

Considered a plastic travelers check it is functional at an ATM and as a debit card

Credit unions originated in

Europe

The first credit union in the United States was formed in

Manchester, New Hampshire

What is the motto of the credit union

Not for profit, not for charity, but for service

How many credit unions are there in the nation

Over 12,000

Sponsor

Overseer who approves, condones, and assists in formation and continuation of a credit union

Direct deposit

Paycheck electronically transferred into depositors account

Credit union

Provides loans to its members at lower rates of interest then would be available at other institutions

Federally chartered

Registered with United States Government

Serial number

Specified number for the purpose of verification and locations in case of theft or misplacement

Denomination information

The amount of the travelers check, such as $10 or $20

Payroll

The amount of wages due to a worker

Issuing bank or agency

The place where you bought the travelers checks

It is best to purchase travelers checks in

US dollars

Cooperative

A joint economic activity that is owned and operated by those who use its services

Field of membership

Range of eligibility for a credit union, such as a teachers credit union or bricklayers credit union

State chartered

Registered with the state in which the credit union resides

Refund policy

Regulations that define how in when you get repaid in case of theft or misplacement

What financial institutions are owned by stockholders and exist to make a profit

Savings and loan associations, commercial banks, and investment banks