Card Set Information
JCCC Personal Finance
Personal Finance JCCC Exam #2 ch. 4-6
Legal agreement that provides for the management and control of assets by one party for the benefits of another.
Asset Management Accounts
An all in one account that includes savings, checking, borrowing, investing, and other financial services for a single fee; also called CASH MANAGEMENT ACCOUNTS.
Automatic Teller Machine (ATM)
A computer terminal used to conduct banking transactions; also called a cash machine.
Plastic Access card used in computerized banking transactions; also called a Cash Card.
A financial institution that offers a full range of financial services to individuals.
Savings and Loan Association
A financial institution that traditionally specializes in savings accounts and mortgage loans.
Mutual Savings Bank
Financial institution that is owned by depositors and specializes in saving accounts and mortgage loans.
a user-owned, nonprofit, cooperative financial institution that is organized for the benefits of members.
Money Market Fund
Saving investment plan offered by investment companies with earning based on investments in carious short term financial instruments.
Certificate of deposits (CDs)
Saving plan requires that a certain amount be left on a deposit for a certain amount of time for specified interest rate.
Money Market Account
Savings account offered by banks. Requires minimal balance at market interest rates.
Rate of Returnt
The percentage of increase in the value of savings as a result of interest earned; also called YIELD
A process that calculates interest based on previously earned interest.
Annual Percentage Yield (APY)
Percent rate expressing total amount of interest that would be received on a $100 deposit based on the annual rate and frequency of compounding for a 365 day period.
Automatic loan made to checking accounts consumers to cover the amount of checks written in excess of available balance in the checking account.