Glossary of Financial Terms
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.
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.
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).
The sum total of the various types of securities owned by a bank, a business, an individual, an institution, or an
entity of government.
A payment made either early or late, or a payment that is over or under the scheduled payment requirements.
The process of check clearing and proof.
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