BPA Banking and Finance
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BPA Banking and Finance
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1. an asset you buy that increases your wealth over time, but carries the risk of loss

2. check written by the bank on its own funds

3. tax a person pays at the time he or she buys a new vehicle

4. A loan that is not backed by collateral; Also known as an unsecured loan, it is based solely upon the borrower's credit rating

5. an automated teller machine may be used to

6. calculation for simple interest is _________ x interest rate x time

7. when is a reverse mortgage repaid

8. a document that promises payment to a specified person or the assignee; ex. check, bank drafts, cashier's checks, certified checks, bills of exchange, promissory notes

9. housing costs should not exceed this percent of gross monthly income

10. holding a variety of investments in order to reduce risk

11. (FRS) is the central bank of the United States. Est. 1913. Purpose: -conduct monetary policy -supervises and regulates many of the nation's banks to protect consumers -maintains the stability of the financial markets and constrains potential crises -provides banking services to other banks, the U.S. government and foreign banks

12. people who deposit money into banks

13. step-by-step record by which accounting data can be traced to their source

14. a legal proceeding involving a person or business that is unable to repay outstanding debts; process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common

15. a preapproved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due (line of credit); flexible; forms: credit card/ loan

16. endorsement is used to transfer a check to another party

17. financial obligation that a person currently owes or will owe in the future

18. Worker who handles bank deposits and withdrawals, sell traveler's checks and foreign currency, accept loan payments, prepare certified checks or money orders, and may handle other duties.

19. not-for-profit financial institution

20. type of debt that allows you to borrow money up to a set limit without having to make more than the minimum payment each month

21. personal property put up to guarantee a loan should the borrower fail to repay is

22. Consumer tax on a specific kind of merchandise, such as tobacco

23. A risk control technique that spreads loss exposures over numerous projects, products, markets, or regions.

24. Obtaining a loan for the purpose of starting or continuing a small business (Small Business Administration); The SBA is a Federal government agency in Washington, D.C. that makes low interest loans to qualified small businesses.

25. A fee for borrowing money, added to a monthly credit card bill

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