| A | B |
|---|
| Account Reconciliation | ” The process used to ensure that the checking and savings account records of a business are in balance with the records of the banking institution.” |
| Annual Percentage Rate (APR) | ” Interest rate for a whole year (annualized) |
| Bank | ” A financial institution that accepts demand deposits |
| Bank Statement | ” Record from the bank reporting the deposits |
| Certificate of Deposit | ” A savings account that requires an investor to deposit a specific amount for a fixed period of time at a fixed rate of interest to be earned. There is a penalty if the owner cashes the CD in before its expiration date.” |
| Check | ” A written order on a financial institution to pay previously deposited money to a third party on demand from a checking or money market account.” |
| Checking Account | ” An account which allows the holder to write checks against deposited funds. Most checking accounts are not interest bearing. Money market accounts provide interest and the ability to write checks |
| Credit | ” A loan of money or goods.” |
| Credit Card | ” A card issued by a financial company giving the holder an option to borrow funds |
| Credit Union | ” A non |
| Deposit | ” Putting funds into a bank account.” |
| Extending Credit | ” Making a loan to a business or individual.” |
| Federal Deposit Insurance Corporation (FDIC) | ” Insures savings and checking account deposits within member banks up to $250 |
| Federal Reserve Bank | ” The central bank of the United States. Lends money to member banks at the discount rate of interest.” |
| Federal Reserve Board of Governors | ” The executive board of the Federal Reserve Bank. They are responsible for setting monetary policy to regulate the economy. They can adjust the discount rate of interest |
| Money Market Account | ” The Money Market Deposit Account also called a "money market account |
