Chapters 4

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  1. Trust
    Legal agreement that provides for the management and control of assets by one party for the benefits of another.
  2. 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.
  3. Automatic Teller Machine (ATM)
    A computer terminal used to conduct banking transactions; also called a cash machine.
  4. Debit Card
    Plastic Access card used in computerized banking transactions; also called a Cash Card.
  5. Commercial Bank
    A financial institution that offers a full range of financial services to individuals.
  6. Savings and Loan Association
    A financial institution that traditionally specializes in savings accounts and mortgage loans.
  7. Mutual Savings Bank
    Financial institution that is owned by depositors and specializes in saving accounts and mortgage loans.
  8. Credit Union
    a user-owned, nonprofit, cooperative financial institution that is organized for the benefits of members.
  9. Money Market Fund
    Saving investment plan offered by investment companies with earning based on investments in carious short term financial instruments.
  10. 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.
  11. Money Market Account
    Savings account offered by banks. Requires minimal balance at market interest rates.
  12. Rate of Returnt
    The percentage of increase in the value of savings as a result of interest earned; also called YIELD
  13. Compounding
    A process that calculates interest based on previously earned interest.
  14. 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.
  15. Overdraft Protection
    Automatic loan made to checking accounts consumers to cover the amount of checks written in excess of available balance in the checking account.
Card Set:
Chapters 4
2014-10-08 17:40:55
JCCC Personal Finance

Personal Finance JCCC Exam #2 ch. 4-6
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