Principles of Business Finance

These flashcards cover key terms and concepts related to financial institutions and their regulatory bodies, essential for understanding business finance.

Financial Institutions

Organizations that provide financial services to consumers, businesses, and governments.

Central Bank

A government-established bank that oversees the financial system, controls inflation, and licenses other banks.

Commercial Bank

Banks that take deposits from households and businesses, make loans, and provide financial services, motivated by profit.

Credit Unions

Not-for-profit organizations owned by members that provide savings and low-interest loans to members.

Insurance Companies

Organizations that provide insurance to individuals and businesses to cover risks and provide compensation for losses.

Building Societies

Financial institutions owned by their members, traditionally aimed at housing finance, now focusing on savings and loans.

Micro-lending Agencies

Organizations providing small loans and services to low-income individuals who may not qualify for traditional bank financing.

Regulatory Bodies

Government or independent organizations responsible for regulating and overseeing the financial system.

Financial Regulation

Laws and rules that govern financial institutions to ensure fair practice and customer protection.

Remittance Services

Services enabling people working abroad to send part of their wages back to their home country.

Trustee Work

Financial institutions managing assets on behalf of another party, such as handling inheritance or charity assets.

ATM/ABM Services

Automated systems for conducting banking transactions such as withdrawals and deposits.

E-trade

Buying and selling of securities or goods online, facilitated by banks.

Settlement Services

Services provided by financial institutions to facilitate transactions between customers and banks.

Jamaica Deposit Insurance Corporation (JDIC)

A regulatory body that safeguards customer deposits in case of bank failures.

Financial Services Commission

A regulatory agency that oversees non-banking financial institutions including pensions and credit unions.