Chapter 5 Vocabulary Review

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Presentation transcript:

Chapter 5 Vocabulary Review Personal Finance Chapter 5 Vocabulary Review

A bank card that lets the owner make purchases from an ATM Debit card

Money electronically added to an account; no currency or paper checks are involved Automatic deposit

Interest that is earned on both principal and interest previously earned on savings Compound interest

Money deducted from an account and electronically transferred to another person Automatic withdrawal

A demand deposit that allows the account holder easy access to the money and allows checks to be written on the account Checking account

A check that is returned by the bank for non-sufficient funds; also called a bad check Bounced check

A record in which transactions of a checking account are kept Checkbook register

A check issued by the bank against bank funds Cashier’s check

A written order to a bank to pay the stated amount to the person or business named on the check from a certain account check

A deposit of money set aside for a fixed amount of tie at a fixed interest rate Certificate of deposit (CD)

A bank service that directs the bank not to honor a check you wrote or lost Stop payment

Money added to a checking, savings, or other account deposit

A demand deposit that has some restrictions as to how quickly or easily you can get your money Savings account

The rate banks are charged to borrow money from the Federal Reserve Discount rate

A math formula that calculates how long it will take for money earning a set rate of interest to double Rule of 72

A signature or instructions written on the back of a check authorizing a bank to cash or deposit the check endorsement

An amount of money that is set aside (saved or invested) on which interest is paid principal

The rate at which banks can borrow money from the excess reserves of other banks Federal funds rate

The interest rate that banks charge to their most creditworthy business customers, such as corporations Prime rate

Actions taken by the federal reserve to influence money and credit conditions in the economy in an effort to affect employment levels and prices Monetary policy

A check written with a date that will occur in the future Postdated check

A type of prepaid check that directs payment of a sum of cash to a payee Money order

A discount savings bond issued by the US government US Savings Bond

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