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Finance and Banking
Transcript of Finance and Banking
1. Assessment: One's personal financial situation can be assessed by compiling simplified versions of financial balance sheets and income statements.
2. Setting goals: It is common to have several goals, some short term and some long term.
3. Creating a plan: The financial plan details how to accomplish your goals.
4. Execution: Execution of one's personal financial plan often requires discipline and perseverance.
5. Monitoring and reassessment: Personal financial plan must be monitored for possible adjustments or reassessments. A retail bank is a bank that works with consumers, otherwise known as 'retail customers'.
Retail banks provide basic banking services to the general public, including:
• Checking and savings accounts
• Safe deposit boxes
• Mortgages and second mortgages
• Auto loans
• Unsecured and revolving loans such as credit cards You may hear of different types of banks: investment banks, retail banks, commercial banks, online banks, and others. What do all the words mean? Banks come with a variety of names, and one bank can function as several different types of banks. Some of the most common types of banks are: A commercial bank is a bank that works with businesses.
Commercial banks handle banking needs for large and small businesses, including:
• Basic accounts such as savings and checking
• Lending money for real and capital purchases
• Lines of credit
• Letters of credit
• Lockbox services
• Payment and transaction processing
• Foreign exchange
Businesses have unique needs that consumers don’t have. Investment banks help organizations use investment markets.
They primarily work in the investment markets and do not take customer deposits. Different types of banks specialize in different lines of business. Investment banks Retail banks Comercial banks Finance and banking Banking 1. ATM: Acronym for automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities even when the bank is closed.
2. Bond: A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing.
3. Capital: Cash or goods used to generate income either by investing in a business or a different income property.
4. Letter of credit: A binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be tranferred to the seller.
5. Check: A negotiable instrument drawn against deposited funds, to pay a specified amount of money to a specific person upon demand.
6. Checking account: An account which allows the holder to write checks against deposited funds
7. Stocks: An instrument that signifies an ownership position (called equity) in a corporation, and represents a claim on its proportional share in the corporation's assets and profits.
8. Stockholder: One who owns shares of stock in a corporation or mutual fund. For corporations, along with the ownership comes a right to declared dividends and the right to vote on certain company matters, including the board of directors.
9. Inventory: An itemized catalog or list of tangible goods or property, or the intangible attributes or qualities.
10. Accounts payable: Money which a company owes to vendors for products and services purchased on credit.
11. Accounts Recievable: Money which is owed to a company by a customer for products and services provided on credit.
12. Trade: A transaction of a security or commodity. Useful language Lorenzo Valdés