Financial Services Vocabulary

Question	Answer
Deposit	a sum of money placed or kept in a bank account, usually to gain interest
Withdrawal	a sum of money withdrawn from an account
Checks	an order written by a depositor instructing the bank to pay a specific amount to a recipient from the depositor's bank account
Deposit slip	a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction
Bank statement	a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account
Debit card	card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase
Credit card	a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit
Simple interest	determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments
Compound interest	result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest
Endorsement	to sign one's name as payee on the back of (a check) in order to obtain the cash or credit represented
Transaction	the action of conducting business

Resource summary

	Created by Shannon Anderson-Rush about 5 years ago