Financial Terminology Quiz

Define the following key term from this chapter: Accountancy firm - A firm that provides accounting, tax, and auditing services for a fee __________.

Define the following key term from this chapter: Bank - A commercial or investment financial institution. Commercial banks accept deposits, __________, and make loans. Investment banks offer services in buying and __________ selling securities and help companies go public with their stock.

Define the following key term from this chapter: Brokerage firm - A firm that brings buyers and sellers of stock and other securities together and __________.

Define the following key term from this chapter: Certificate of deposit - A low-risk and, therefore, low-return investment that usually pays a higher interest rate __________.

Define the following key term from this chapter: Checking account - A deposit account that allows for deposits and withdrawals __________.

Define the following key term from this chapter: Cooperative banking - When members of a bank are also owners and have a role in how the organization __________.

Define the following key term from this chapter: Credit card company - A company that issues credit cards to consumers and services their accounts __________.

Credit union: A cooperative financial institution, similar to a bank, usually controlled by its members __________.

Electronic Funds Transfer Act: An act developed to protect consumers engaging in electronic fund transfer __________.

Federal Deposit Insurance Corporation: Agency created by Congress to provide insurance for depositors' accounts up to a value of $250,000 __________.