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BPA Banking and Finance
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BPA Banking and Finance
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1. a deviation from the basis grade or location allowable when delivering commodities under the terms of a futures contract; Ex. oil futures contract might require you to deliver 1,000 barrels of crude with an 850 kg/m³ density and 2% sulfur content. an _________ may allow the seller to deliver within a range of 10 kg/m³ for density and 0.5% for sulfur

2. A check for which the bank assures that the drawer has sufficient funds to make payment.

3. (GDP) The sum total of the value of all the goods and services produced in a nation

4. 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

5. a process designed to provide reasonable assurance that objectives are being achieved; in place by a company to ensure the integrity of financial and accounting information, meet operational and profitability targets, and transmit management policies throughout the organization; documented to create an audit trail

6. contractual financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time; All earnings in the it grow TAX-DEFERRED

7. 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.

8. form used to record all transaction activity in a checking account

9. the value of the homeowner's interest in their home; portion of a home's current value that the owner actually possesses free and clear

10. a monetary exemption which reduces taxable income

11. a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit

12. the value of an asset less the amount of all liabilities on that asset; = Assets -Liabilities; Ex. a car/ house with no outstanding debt is considered entirely the owner's ______

13. personal credit files are updated continuously and information stays on the file for:

14. in a lease agreement, a tenant may have to pay the landlord a security deposit to

15. P(1+r)^t

16. Loan guaranteed only by a promise to repay it

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

18. the paying off of debt with a fixed repayment schedule in regular installments over a period of time for example with a mortgage or a car loan; similar to depreciation, which is used for tangible assets, and to depletion, which is used for natural resources

19. a company's financial debt or obligations that arise during the course of its business operations; include loans, accounts payable, mortgages, deferred revenues and accrued expenses

20. utility companies, loan payments, and other businesses use an automatic payment system with bills paid through direct withdrawal from a bank account

21. Availability of resources to meet short-term cash requirements; the ease with which an asset can be converted into cash

22. A legal claim a lender has on property to secure a debt; serves to guarantee an underlying obligation, such as the repayment of a loan

23. (AKA consumer debt) debt that a person incurs when purchasing a good or service; includes purchases obtained with credit cards, lines of credit and some loans

24. any item or expenditure subtracted from gross income to reduce the amount of income subject to income tax (usually for things such as federal and state income taxes, employment taxes, social security taxes, workers compensation coverage, and health insurance payments)

25. = Revenue - Cost of Goods Sold

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