Term Answer Description Compound nterest This is the phrase used to describe a s

Question

Term Answer Description Compound nterest This is the phrase used to describe a savings account that pays interest only on the investor's deposited funds and not on previously earned interest A. Demand deposit This is the condition that results when an account holder withdraws more money than is currently in the account B. This is the term applied to the practice of routinely managing an individual's or family's cash and near-cash assets This is the name applied to interest earned on the sum of the initial deposit and interest earned in prior periods This is a deposit held in a financial institution for a fixed period of time Usually depositors can withdraw the money from the account after the committed time period Overdraft C. D. Account reconciliation Cash management E. Deposit F. These financial institutions are legally allowed to solicit and accept monetary deposits from individuals or entities Funds held in this type of account (also called a checking account) must be honored, or paid, by the depository institution immediately upon demand by the account holder In this program, the insuring agency guarantees the safety of the account holder's total deposits up to specified amount This form of check also often called a banker's check payable to a third party is drawn by the bank's own funds in exchange for the amount specified in the check, plus, in most cases, a service fee insurance Cashier's check G. Time deposit H. Simple interest I. J. This is the process of verifying accuracy by comparing the balance on Depository nstitution the check register, or ledger with the balance on the bank's statements

Explanation / Answer

Term Answer remark Compound interest D Compound interest pays interest on principal as well as interest on prior interest earned. Demand deposit G This allow holder to withdrew fund from financial institute on presenting this. overdraft B This allow account holder to withdraw money over and above amount held in account (But up to certain approved limit) Account reconciliation J this is process of varifying accurecy of account/ledger. Cash management C Method of managing cash and asset to maintain liquidity Deposit insurance H Provide insurance against deposit in case of failure of bank to meet its obligation. Cashier's check I Bank is liable to pay money to the holder to this instrument. Time deposit E Deposit made and allowed to be with draw only after prescribed time limit simple interest A This allow interest on principal only Depository institute F Authorized insitute by regulatory authority to take deposit from customer

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