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Financial Algebra Chapter 2 Vocabulary Flashcards | StudBud
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Financial Algebra Chapter 2 Vocabulary
Financial Algebra Chapter 2 Vocabulary
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Vocabulary words from Chapter 2 for seniors taking Financial Algebra
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1
Electronic Funds Transfer
When you put paper money into a computer.
Electronic version of a paper check.
The use of telecommunications networks when dealing with money.
Same as wiring money.
2
Automated Teller Machine
A person who works in a bank to help you make deposits and withdrawals.
Dispenses cash, accepts depostis, and performs other services.
Provides 24 hour bank access to deposit, transfer, and withdraw money.
A plastic card that works like an instant check in stores.
3
Credit
Trust where a company provides money to a person as a loan with interest.
Commendation or honor given for an action.
A card you use to pay for things.
Deposits into a bank account.
4
Disposable Income
The net income available to you.
They money you spend on unimportant things.
What remains of income after taxes are deduced.
They money that is in your bank account at the end of the month.
5
Principal
The balance (amount of money) in an account or amount borrowed.
The guy who runs a school.
The person in charge of your bank.
Money you originally agreed to pay back.
6
Debit
Record or entry of debt in an account.
The amount owed.
To charge as a debt.
Withdrawals from a bank account.
7
Gross Income
Amount of money on your paycheck.
Total revenue received.
A person's income before all taxes are deducted.
The amount of money that goes into your bank account.
8
Deposit Slip
Financial security guaranteeing payment.
To place for safekeeping or in a trust.
To give as a security.
Form used to add money to bank account.
9
Checking Account
Bank account allowing $ deposits, withdrawls, and transfers.
The act or instance of inspecting or testing something.
A piece of paper that acts like money.
A ticket or slip of identification
10
Simple Interest.
Interest calculated on the principle in an account.
The cost of borrowing money.
Quick and easy method of calculating a loan.
The amount of people who have accounts are interested in that bank.
11
Balancing
Arranging or adjusting the money in your bank accounts.
Process of verifying a bank's records to make sure there are no errors.
A state of equilibrium or equal distribution.
Having an equal amount of money in your checking and savings accounts.
12
Interest Rate
Percent that is paid by a bank on money that is in some accounts.
The amount a lender charges for using a credit card.
Telling the bank you are interested in opening a checking account.
The amount due per period in proportion to the amount lent.
13
Annual Percentage Rate
Your monthly payment times 12.
How many years you are allowed to take to pay back a loan.
Interest rate paid (or charged) per year.
Annual rate charged for borrowing money.
14
Outstanding Deposits
A company's receipts from customers.
Amount of cash recorded by the receiving entity.
Deposits that do not appear on the bank statement
Prominent deposits worth a lot of money.
15
Arithmetic Sequence
Average return on investments calculated by adding.
List of numbers with a pattern.
Progression of numbers in which the difference between any two is constant.
The math we use when we have a bank account.
16
Outstanding Checks
payment recorded in its general ledger, but hasn't cleared yet.
Checks written for an amount much higher than your average payment.
Checks that do not appear on the bank statement.
Checks written for more money that you have in your account.
17
Bank Statement
A document you provide to the bank saying you want to open an account.
Charges for payments not received and overdraft fees.
Printed record of a balance.
Statement including all transactions in a period of time (1 month).
