JA Unit 1: Financial Services Vocabulary

Checking Account

• A bank account used to pay bills and access funds using checks and debit cards.
• A fee received or paid for the use of money.
• The chief financial officer is responsible for a business's finances.
• A business agreement or exchange.

Tags

SS6E13

Credit Card

• A card that allows the holder to buy goods and services by taking out a bank loan.
• To have money gain in increments, usually at a set rate.
• To write a signature on the back of a check.
• A machine that allows bank customers to deposit or withdraw money without vising their bank.

Tags

SS6E13

Credit Union

• A financial institution owned by its members that provides many of the same services as a bank, but members own and control it as a nonprofit business.
• Interest calculated and paid on a balance and on a the interest paid previously.
• The money people earn for their work.
• The current amount of money in an account.

Tags

SS6E13

Savings and Loan

• A financial institution that often focuses on real estate financing, but also provides savings and checking account services
• A card that is purchased for a certain amount and then used like cash.
• A check received for work completed.
• A business that offers money related services to its customers including loans and checking and savings accounts.

Tags

SS6E13

Debit Card

• A card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods and services.
• The crime of stealing someone else's personal or financial information for your own use.
• A written record of money put into a checking account.
• A company that sells goods or services.

Tags

SS6E13

Economy

• A system that guides how money is earned and used in a society.
• A booklet for recording money put into (deposited) or removed from (withdrawn) an account.
• The amount of money placed into an account after all deductions, such as cash back, are made.
• An investment that earns interest over a specific period of time.

Tags

SS6E13

Financial Institution

• A business that provides money-related services.
• A business agreement or exchange.
• A check that is written for more than the amount of money in a checking account.
• A written order to a bank to pay a certain amount of money from a checking account to another person or business.

Tags

SS6E13

Loan

• Money borrowed that must be repaid, usually with interest.
• A bank account used to pay bills and access funds using checks and debit cards.
• A booklet for recording money put into (deposited) or removed from (withdrawn) an account.
• A group of people chosen to manage or direct a business or organization.

Tags

SS6E13

Online banking/internet bank

• A service that allows customers to perform banking activities using the Internet through mobile apps, cellphones, websites, and ATM's. Has no physical building(s) or walk-up tellers
• A card that allows the holder to buy goods and services by taking out a bank loan.
• A check written from a personal checking account.
• The chief financial officer is responsible for a business's finances.

Tags

SS6E13

Safe Deposit Box

• A bank safe where documents, jewelry, or other valuables are kept.
• A financial institution owned by its members that provides many of the same services as a bank, but members own and control it as a nonprofit business.
• An electronic transfer of money from one account to another; often used by employers to pay employees.
• To write a signature on the back of a check.

Tags

SS6E13