Finance Exam with Correct Solutions 2024

Finance Exam with Correct Solutions 2024 Account Fee - Answer -The amount charged by a financial institution for the services they provide in managing the account. This may also be called the monthly service fee. Automated Teller Machine (ATM) - Answer -A specialized computer used by bank customers to manage their money, for example, to get cash, make deposits, or transfer money between accounts Bad Credit - Answer -A situation in which lenders believe that, due to a borrower's poor history of repaying his or her debts, further loans to this person would be especially risky. Account Balance - Answer -The exact amount of money contained in a deposit account according to the bank. This figure may be different that the amount shown in your own credit records because of the checks you have written or deposits you have made that have not been processed by the financial institution. Bank - Answer -A financial institution that handles money, including keeping it for saving or commercial purposes, and exchanging, investing, and supplying it for loans. Bank account - Answer -A banking service allowing a customer's money to be handled and tracked. Common bank accounts are savings and checking accounts. Budget - Answer -A monthly or yearly spending and savings plan developed by a person, family, or business. A written budget helps people to be better money managers and to prepare for major or unexpected expenses. Cancelled check - Answer -A customer's check that the bank has paid and charged against the check writer's account. Cancelled checks may be returned to the check writer with the monthly bank statement, or they may be kept on film by the bank.