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Types of Financial Institutions
Key Terms:
32
Business
10th Grade
04/16/2012

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Term
Commerical bank
Definition
A full-service financial institution that offers a variety of services
Term
Saving and loan association
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A plan for saving money for retirement; money tax-deferred until withdrawn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
Career plan
Definition
is an outline of steps or action you can take to reach a career goal
Term
Interests
Definition
include activities you enjoy subjects you like , ideas that fascinate you , sports you play , or hobbies you follow .
Term
Aptitudes
Definition
refer to natural physical and mental talents.
Term
Abilities
Definition
refer to physical and mental skills developed through learning , training and pratice
Term
Career cluster
Definition
are 16 general groupings of occupational and carret areaas 21-3 .
Term
Career ladder
Definition
is an outline of jobs in a given carrer field that are available at diffrent levels of education and training and experience ,21-4
Term
E*learning
Definition
internet education and training programs
Term
Distance learning
Definition
in which education or training is delivered to the student online ,by mail , or on television.
Term
Occupational training
Definition
Which prepares you for a specific type of work , is available through a varitey of schools and programs in addition to online offerings.
Term
Community colleges
Definition
are usually two-year schools offering both academic and occupational courses.
Term
internship
Definition
is a short-term position with a sponsoring organization tha gives the intern an opportunity to gain on-the-job experience in a certain field of study or occupation.
Term
apprenticeship
Definition
is a combination of on-the-job training , work experience ,and classroom instructions
Term
Reserve Officers' Training Crops ( R O T C )
Definition
Program offered by the military that offers education and training for low cost.
Term
Continuing education
Definition
is learning you pursue after you complete your formal education and training.
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