Defintions

1.  5 functions of Management: planning, organizing, staffing, leading, and controlling.
2. Resume: brief written account of personal, educational, and professional qualifications and experience, as that prepared by an applicant for a job.
3. Social Responsibility of business: Social responsibility entails developing businesses with a positive relationship to the society which they operate in.
4. Savings Account: Banks offer savings accounts to customers as a means of saving money.Saving accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money in the narrow sense of a medium.
5. Compound Interest: Compound interest is the type of interest that is paid usually to higher interest rates environments.
6. Simple Interest : interest payable only on the principal; interest that is not compounded.
7. Checking Account: a bank deposit against which checks can be drawn by the depositor.
8. Check Endorsement: Check endorsement is a crucial step in either cashing or depositing a check. If you miss this step, the bank usually cannot proceed with the transaction.
9. Check writing: you write a check using your checking account. You can write a check up to the monetary balance you have in your account.
10. Bank statement: a monthly statement of account mailed by a bank to each of its customers with checking or other accounts, recording the banking transactions and current balance during a period and usually including canceled checks.
11. Checkbook reconciliation: An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.
12.  Deposit slip: a slip for listing deposits made to a bank account.
13. Differences between a Bank and a Credit Union: Bank an institution for receiving, lending, exchanging, and safeguarding money and, in some cases, issuing notes and transacting other financial business. Credit union is a cooperative group that makes loans to its members at low rates of interest.   
14. Credit card: a card that identifies a person as entitled to have food, merchandise, services, etc., billed on a charge account.   
15. Credit history: A consumer's credit history consists of information such as: number and types of credit accounts, how long each account has been open, amounts owed, amount of available credit used, whether bills are paid on time, and number of recent credit inquiries. It also contains information regarding whether the consumer has any bankruptcies, liens, judgments or collections. This information is all contained on a consumer's credit report.
16. Credit report: A
    detailed report of an individual's credit history prepared by a credit bureau and used by a lender to in determining a loan applicant's creditworthiness, including:
    
    1. Personal data (current and previous addresses, social security number, employment history)
    2. Summary of credit history (number and type of accounts that are past-due or in good standing)
17. FICO score: The FICO Score is calculated from several different pieces of credit data in your credit report.A high FICO score indicates that you have healthy card balances and a low debt-to-income ratio, which compares the amount of money you owe in monthly debt payments to your take-home pay.
18. Debit card: resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders.
19. Credit and interest rate: Credit is an entry of payment or value received on an account. Interest rate is the usual way of calculating interest as a percentage of the sum borrowed.