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39
Accounting
11th Grade
04/16/2012

Additional Accounting Flashcards

 


 

Cards

Term
commercial bank
Definition
A full-service financial institution that offers a variety of services
Term
saving & loan asociation
Definition
A financial institution that provides loans and mortgages to customers who hold a saving acount
Term
credit union
Definition
A nonprofit financial cooperative owned by its members
Term
brokerage firm
Definition
A licensed institution that specializes in investing.
Term
Insured financial institution
Definition
One that is insured---as by Federal Deposit Insurance Corporation (FDIC), Savings Association Insurance Fund (SAIF), or Natioanl Credit Union Administration (NCUA) to protect deposits of clients
Term
Checking account
Definition
Paper checks or debit cards are used to withdraw money deposited into the account to pay for items
Term
Savings account
Definition
Money is deposited into an account to earn interest
Term
Retirement plan account
Definition
A plan for saving money for retirement; money tax-deferred until withdrawn
Term
Share account
Definition
A savings account at a credit union
Term
Share certificate account
Definition
A certificate of deposit at a credit union
Term
Share draft account
Definition
A checking account at a credit union
Term
bond
Definition
An investment of money in a government or organization
Term
Certificate of deposit
Definition
An insured interest-earning savings tool with restricted access to funds
Term
Mutual fund
Definition
Groups of stocks, bonds, and other investments managed by an investment firm
Term
Real estate investment
Definition
Purchasing properties as an investment to gain profit
Term
Stock
Definition
Ownership, represented by shares, in a corporation
Term
Credit card
Definition
A card used to make a purchases; must be repaid later with interest
Term
Loan
Definition
Borrowed money
Term
Mortgage
Definition
A loan to purchase a home or other real estate
Term
Financial counseling
Definition
Assistance to consumers with specific areas of financial planning
Term
Safe-deposit box
Definition
A secured box in a bank used by clients for valuable personal items
Term
E-banking
Definition
Using computer networks to make electronic funds transfers among accounts
Term
access
Definition
The ability to obtain money from one’s accounts quickly and easily
Term
Point-of-sale (POS) transfer
Definition
The place where a purchase is made and money is electronically moved
Term
Personal Identification Number (PIN)
Definition
A unique number kept secured and used to access an account and perform transactions
Term
Automated Teller Machine (ATM)
Definition
A computer terminal used to transact business with a financial institution
Term
Direct deposit
Definition
Arrangement for electronically depositing pay/benefits directly into an account
Term
Direct withdrawal
Definition
Arrangement for electronically withdrawing funds from an account to pay bills
Term
Smart card
Definition
Card storing pre-paid amounts of money to use when making purchases
Term
Currency
Definition
Paper money; bills
Term
Personal check
Definition
A hand-written document used to pay for purchases using funds in a personal checking account
Term
Cashier’s check
Definition
A check bought from a bank with payment guaranteed by the bank
Term
Certified check
Definition
A personal check with a bank’s guarantee of payment
Term
Money order
Definition
A way for people with no checking account to send money by mail
Term
Traveler’s check
Definition
A check used in place of cash when traveling for greater security
Term
Debit card
Definition
A card used for point-of-sale transactions on a checking account
Term
Credit card
Definition
A card used for payment through credit with interest accruing
Term
Open-end credit
Definition
A credit arrangement where the amount of money borrowed continues to change as payments are made and purchases are put on the credit card
Term
Closed-end credit
Definition
A credit arrangement where the amount of money borrowed and the amount to be repaid per month are fixed at the time the installment loan is made
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