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Description
Flashcards by brandon_keeton, updated more than 1 year ago
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Created by brandon_keeton
over 8 years ago
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| Question | Answer |
| ** Certificate Of Deposit ** Brandon Keeton | a type of investment that requires you to invest money for a certain length of time and guarantees the same rate of return (interest) for that entire period. CD’s usually require a minimum deposit. |
| ** Check 21 Act Or Electronic Check Conversion ** Brandon Keeton | Allows checks to be electronically to authorize an automatic withdraw from checking account. |
| ** Direct Deposit ** Brandon Keeton | automatic deposit of net pay to an employee’s bank account. |
| ** Endorsement ** Brandon Keeton | signature on the back of a negotiable instrument, such as a check. |
| ** The Card Act ** Brandon Keeton | a consumer has the right to “opt out” of overdraft fees which will decline a purchase from an account where funds are not available. |
| ** Overdraft ** Brandon Keeton | a withdrawal by check, electronic transfer, or debit card of an amount that’s larger than your available bank or credit union balance. |
| ** Overdraft fees ** Brandon Keeton | Fees the bank will charge if there are insufficient funds in an account. A consumer must “opt in” to overdraft fees. |
| ** Payee ** Brandon Keeton | the person, business, or organization to which a check or money order is made out. |
| ** Pre - Paid credit cards ** Brandon Keeton | A credit card with a pre - deposited balance, like a store gift card. These are generally used to control spending, they differ from credit cards in that they require no credit check, nor do the issuers report to credit bureaus. There may be fees involved with this type of card. |
| ** Reconciliation ** Brandon Keeton | a report that accounts for all the differences between a bank statement and personal records. |
| ** Savings Account ** Brandon Keeton | an account in a bank or credit union that pays interest on your balance, though some institutions require that you have at least a minimum amount in the account to qualify for earnings. |
| ** Savings Bond ** Brandon Keeton | document representing a loan of more than one year to the U.S. government, to be repaid, with interest on a specified date. |
| ** Retirement Plan ** Brandon Keeton | investment plan that helps individuals set aside money to be used after retirement. |
| ** Investment ** Brandon Keeton | purchased financial asset that is expected to increase value, provide income, or both. |
| ** 401 K ** Brandon Keeton | a tax-deferred, employer sponsored investment plan for employees, contributions will often be “matched” |
| ** 403 B ** Brandon Keeton | a tax-deferred retirement plan for employees of not-for-profit organizations, such as schools, hospitals, foundations, and cultural institutions. |
| ** 457 ** Brandon Keeton | is a tax-deferred retirement plan available to state and municipal employees which might include firefighters, police, and teachers. |
| ** IRA ** Brandon Keeton | tax - deferred, personal retirement plans. |
| ** Checking Account ** Brandon Keeton | cash deposited into an account to make future cash purchases or withdraws. Cash purchases can be made by debit card, check, or electronic transfer. Cash can be withdrawn using a debit card. |
| ** Rate Of Return ** Brandon Keeton | income you collect on an investment which is a percent of the purchase price. |
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