Banking Basics Vocabulary

12345678910111213141516171819202122
Across
  1. 3. The payment you receive for allowing a financial institution or corporation to use your money.
  2. 8. A penalty on all types of credit for making a payment after its due date.
  3. 11. Intermediaries that help channel funds from savers to borrowers
  4. 15. The difference between the costs required to create a product or supply a service that can be bought with it.
  5. 16. A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees.
  6. 17. An account type that allows withdrawals by writing a check.
  7. 20. An individual, business or government that has received and used something belonging to somebody else, with the intention of returning or repaying it - often with interest in the case of borrowed money
  8. 21. A form of payment that a person can buy for a specific amount and sign over to the person or firm named on the money order. People must pay a fee to obtain a money order. A money order cannot bounce because full payment is needed before the money order is issued.
  9. 22. A certificate issued by a bank to a person depositing money in an account for a specified period of time. A penalty is charged for early withdrawal from most of these accounts.
Down
  1. 1. An account that helps you accumulate and save money and earn interest at the same time. (CD) = a certificate issued by a bank to a person depositing money in an account for a specified period of time. A penalty is charged for early withdrawal from most CD accounts.
  2. 2. A form of check that can be used to obtain cash; the buyer of pays a specific dollar amount to acquire these checks, which are issued in standardized packets by an issuer. The checks are written to a person or firm and signed by the person writing the check. Often these come with protection against loss or theft.
  3. 4. To sign the back of a check to make it payable to the specified payee.
  4. 5. Card that enables holder to charge expenses for purchases or to get money, often with interest; synonymous with “buy now, pay later.”
  5. 6. Items that a person would like to have but are not essential for life. Items, activities, or services that may increase the quality of life, but one can live without them.
  6. 7. A card used to pay for goods and services directly from a checking account by transferring funds electronically from one’s checking account to the store’s account to pay for a purchase; also called check cards.
  7. 9. Personal or corporate interest in helping others, especially through gifts to charities or endowments to institutions.
  8. 10. A plan for managing money, dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.
  9. 12. An electronic machine that bank customers and credit union members can use to withdraw cash and make financial transactions.
  10. 13. The difference between a person’s assets and liabilities.
  11. 14. A for-profit company that is owned by its stockholders and provides saving and checking accounts and other financial services to its customers.
  12. 16. Written order directing a bank or credit union to pay a person or business a specific sum of money.
  13. 18. Any money an individual receives.
  14. 19. Interest is earned on previously earned interest in such a way that earnings accumulate more rapidly over time.