Banking and Financial Terms

ATM (automated teller machine)

• a machine that allows bank customers to deposit or withdraw money without visiting their bank

• a device used for making phone calls

• a type of online banking service

• a machine that dispenses tickets for public transport

balance

• the current amount of money in an account

• a type of financial statement

• the process of reconciling accounts

• a measure of financial stability

savings account

• an account that usually earns interest and is often used to hold money that is not needed right away

• a type of account that allows unlimited withdrawals and deposits

• an account that is used primarily for daily transactions

• a type of investment account that focuses on stocks and bonds

economy

• how a country makes and manages goods, services, and money

• a system for distributing wealth among citizens

• the study of financial markets and investments

• a method for calculating national debt

transaction

• a business agreement or exchange

• a type of financial report

• a method of data storage

• a legal document for property transfer

private property

• things that are owned by specific people

• items that are available for public use

• objects that are shared among communities

• goods that are owned by the government

bank

• a privately owned institution that accepts deposits and makes loans

• a government agency that regulates currency

• a place where people go to withdraw cash only

• a type of investment firm that only deals with stocks

checking account

• a bank account used to pay bills and access funds using checks, debit cards, and electronic payments

• a type of savings account that earns interest

• a loan account for borrowing money

• a credit account for making purchases on credit

credit union

• A type of bank that is publicly traded

• A financial institution owned by its members that provides many of the same services as a bank

• A government agency that regulates financial institutions

• A non-profit organization that offers loans to individuals

interest

• an amount received or paid for the use of money

• a fee charged for borrowing money

• a type of investment return

• a penalty for late payment