Finance Test Vocab
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currency
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paper money and coins used for financial transactions
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check
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an order to a bank to pay a specified sum to the person or business named
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payee
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the person or business to whom a check is written
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over drawing
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writing a check for more is deposited in your checking account
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FDIC
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a federal government agency that insures deposits in banks
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statement
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a written record from your bank of all the transactions involving your account
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check register
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a booklet for recording your checking account transactions
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account balance
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the total amount in your bank account
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endorsement
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your signature on the back of a check
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canceled check
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a check that has been paid
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EFT
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the movement of money from one account to another by computer
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ATM
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automated teller machine
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PIN
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a secret number that identifies you as the cards owner of an ATM card
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debit card
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a card used to transfer money electronically from your checking account to the businesses account to pay for a purchase
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money order
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a check that draws on the money of the bank or other financial businesses that issued it
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travelers check
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a check you pay for in advance that is replaceable if lost or stolen
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automatic withdrawal
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a bill paying arrangement in which your bank removes money from your account at a specified time and sends it to a company to pay your bill
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bartering
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trading goods and services without using money
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certified check
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a personal check that has been stamped and signed by a bank officer as a guarantee that your account has the funds to cover the check
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checking account
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a bank account that allows depositors to write checks to make payments
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direct deposit
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depositing an employees pay into the employees bank account electronically instead of using a paper paycheck
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inflation
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general increase in the average level of prices in a nations economy
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cashiers check
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a banks own check signed by the banks cashier
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safe deposit box
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box with a lock that you may rent from a bank for safe storage of important papers and valuable possessions
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third party check
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checks made out to you that you sign over to someone else
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wire transfer
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an electronic communication that moves funds from an account in one bank to an account in a different bank instantly
