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Banking Terms
Not for Lab
52
Accounting
11th Grade
02/17/2011

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Term
Account
Definition
Money deposited with a financial institution for investment and or safekeeping purposes.
Term
Assets
Definition
items of monetary value.
Term
ATM
Definition
automated teller machine
Term
Balance
Definition
An outstanding amount of money.
Term
Bank
Definition
an instution for lending, issuing, borrowing, exchanging and safegaurding of money.
Term
Bond
Definition
An IOU issued by a corperation, the u.s government, or a city held by the lender as a recipt thsat the business or institution has a borrowed amount of money.
Term
Bounced Check
Definition
A check that the bank has refused to cash or pay because you have no funds to cover it in your account. 
Term
Cancelled Check
Definition
A check that is mailed back with an with an income statement
Term
Capital
Definition
A stock of accumulated wealth used or available for producing more wealth.
Term
Cash
Definition
money in a form of paper, coins.
Term
cashiers check
Definition
a check issued by the bank
Term
certificate of deposit
Definition

a written acknowledgment of a bank that it has received from 

the person named a specified sum of money as a deposit

Term
Charge Card
Definition

an identification card used to make purchases on a charge

account; a charge plate.

Term
Check
Definition
Demand draft drawn on a bank against its maker's (drawer's) funds, to pay the stated amount of money to the bearer or named party
Term
Check Card
Definition
debit card.
Term
Checking Account
Definition
a bank deposit against which checks can be drawn by the depositor.
Term
Clear
Definition
to pass through a bank's check clearing cycle.
Term
Collateral
Definition
security pledged for the repayment of a loan
Term
Commerical Bank
Definition
A bank that everyone uses
Term
compound interest
Definition
intrest caculated form the origional capitial
Term
Credit
Definition
Purchasing power created by banks throughlending based on fractional reserve system. Banks literally 'create' money with their bookkeeping entries
Term
Credit Bureau
Definition
Firm that collects, stores, analyzes, summarizes, and sellscredit related information on persons and firms for a fee. 
Term
Credit Card
Definition
Credit cards are a convenient substitute for cash or check, and an essentialcomponent of electronic commerce and internet commerce.
Term
Credit rating
Definition
a number that a bank uses to see if you can pay back a loan
Term
credit union
Definition
Financial cooperative created for and by its members who are its depositors, borrowers, and shareholders.
Term
Currency
Definition
a medium of exchange
Term
Debit
Definition
In double-entry bookkeeping, entry on the left-hand side of an account record.
Term
Debit Card
Definition
Bank card used in cash transactions, but which is not acredit card.
Term
demand deposit
Definition
A checking account
Term
deposit slip
Definition
a slip for listing deposits made to a bank account.
Term
depositior
Definition
a person who deposits money in a bank or who has a bankaccount.
Term
endorse
Definition
To sign a legal document, such as a check. See alsoendorsement and endorser.
Term
Federal reserve system
Definition
US central-banking system comprising of 12 regional central banks
Term
interest
Definition
 Fee paid for using other people's money
Term
joint account
Definition

Bank account in the name of two or more individuals

(account owners)who jointly (equally) share its concomitant rights and liabilities.

Term
liabilities
Definition
Money owned
Term
line of credit
Definition
Extent to which a seller will extend creditpayment terms to a buyer
Term
Market economy
Definition
Free market system in which decisions regarding resource allocation, production, and consumption, and price levelsand competition, are made by the collective actions ofindividuals or organizations seeking their own advantage
Term
money
Definition
Anything of value that serves as a generally acceptedmedium of financial exchange
Term
mortgage
Definition

Conveyance of the conditional right of ownership

of a asset or property by its owner

Term
overdraft
Definition
 Loan arrangement under which a bank extends credit up to a maximum amount
Term
passbook
Definition
a bankbook
Term
payee
Definition
Party to whom a bill of exchange is made payable
Term
payer
Definition
Party responsible for the payment of a bill of exchange orinvoice
Term
principal
Definition
Capital as distinct from the income
Term
refinance
Definition
the revisement of a loan agreement
Term
Savings account
Definition
Bank or other depository institution account from whichwithdrawals can be made
Term
Savings and loan association
Definition
US depository institution, typically chartered and organizedlike a bank, that offers home mortgage loans and basic banking services such as checking (current) accounts andcredit cards.
Term
service charge
Definition
Bank fee charged for specific services or as a penalty for not meeting certain criteria.
Term
stop payment
Definition
an order by the drawer of a check to his or her bank not to pay aspecified check
Term
terms
Definition
the time or period through which something lasts
Term
Withdrawal
Definition
taking money out of an account
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