Economics and Personal Finance Unit 3 – Savings & Banking Vocabulary

Vocabulary flashcards covering the key terms, definitions, and designations from Unit 3 Savings & Banking.

Interest

Also known as "the cost of money".

Restrictive Endorsement

An endorsement type where "deposit only" is written before signature.

Special Endorsement

An endorsement type where "pay to order of ___ " is written.

Endorsement Types

Categories of endorsement which include Blank Endorsement, Restrictive Endorsement, and Special Endorsement.

Blank Endorsement

A category of endorsement identified alongside Restrictive Endorsement and Special Endorsement.

Money Market Account (MMA)

A type of Savings Account.

Deposit Insurance

Protection that includes coverage provided by the FDIC (Federal Deposit Insurance Corporation) and NCUA (National Credit Union Administration).

FDIC

Stands for Federal Deposit Insurance Corporation; categorized under Deposit Insurance.

NCUA

Stands for National Credit Union Administration; categorized under Deposit Insurance.

Insufficient Funds

Also known as Non-Sufficient Funds.

The Federal Reserve Bank

Also known as "The Fed"; it is organized into 3 parts and has three main responsibilities.