Glossary of Financial Terms

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Income Statement
A report that covers a specific period of time, and shows all revenues and expenses, and the net profit or loss for that period. Also called a profit and loss statement.

Individual Retirement Account (IRA)
Trust funds established by individuals for retirement purposes, as authorized by Congress.

Insufficient Funds (NSF)
An account balance that does not contain enough available funds to cover check(s) or automatic withdrawal; commonly abbreviated NSF, non-sufficient funds.

Interchange Transaction
An ATM transaction processing through a national ATM Network (Cirrus, Plus, etc.)

Internal Revenue Service (IRS)
A department of the federal government that ensures tax procedures are followed by all.

Investment
The exchange of money, either for a promise to pay at a later date (as with bonds) or for an ownership share in a business (as with stocks).

Investment Portfolio
The sum total of the various types of securities owned by a bank, a business, an individual, an institution, or an entity of government.

Irregular Payment
A payment made either early or late, or a payment that is over or under the scheduled payment requirements.

Item Processing
The process of check clearing and proof.

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