Banking Terms and Glossary : Part - 6 (Alphabet - F and G)

Banking Terms and Glossary : Part - 6 [Alphabet - F & G]

Essential for All Upcoming Bank Exams

• Foreign Exchange – Different instruments (such as notes, checks etc.) use different instruments to pay for transactions between individuals or organizations. 
• Federal Deposit Insurance Corp (FDIC) – The United States is an independent organization that deposits banks and relief institutions by depositors up to USD 250,000. 
• Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA) – The purpose of this Act is to safeguard customers' credit identities and recover them from identity theft. The main legislation of this law is that consumers can request a free credit report from each of the three national customer credit reporting companies (Equifax, Experian and Trans Union) every 12 months. 
• Federal Emergency Management Agency (FEMA) – Emergency evaluation and responses to all disasters, the Federal Agency responsible for natural and human dependence, supervises the officials of certain areas as the administration of the FEMA Flood Insurance Program and floods. 
• Forfaiting – Exporters are exempt from a note of the export or issuance of discounted notes from the exporter; Accumulated fraud collects repayment money. Such notes are usually guaranteed by the customer's bank. The validity is usually up to three years. 

• Federal Reserve System – Fed Central Bank in the United States, it is commonly called, US financial and financial system control. The Federal Reserve System is located in Washington's major cities of the United States, twelve Regional Federal Reserve Banks formed by DC (Governors Board) and a central government agency. 
• Forward Contract – An agreement that agrees to buy one party and sells it to others, specific products for a specific date of specific date. 
• Futures – Agree to advance a contract to buy something in the future first developed in the agricultural commodity market but often involved in foreign currency, and government bonds. 
• Fixed Rate Mortgage – A mortgage paid in the summary of the loan, which reduces the interest rate and other conditions of the loan and does not change. 
• Frozen Account – An account that does not satisfy a condemnation until the withdrawal of funds and provides for the withdrawal of the order of the order or any other legal process (for example, the owners of a deceased person are suspended on the order of a court to dispense the fund under the new law). An account can also be frozen when there is a debate regarding a true ownership of an account. Until the legal system can determine legal ownership, the bank will clear the account for the preservation of existing funds. 
• Foreign Exchange Rate – The value of a nation's currency in terms of other nation's currency. 
• Fixed assets – Resources like land, buildings, equipment or property used to manage any business during the current accounting period will not be cashed or converted. 
• Factoring – Generally acceptable sales to a financial institution based on a 'non-shelter' basis.

Alphabet - G

• Gross National Product (GNP) – Domestic resident’s income from investments made abroad, the total market value of the products and services of the country produced in a particular year, as well as the income earned by overseas foreigners abroad. 
• Guaranteed Student Loan – An extension from credit to a financial institution which is guaranteed by a federal or state government to help with today and other educational costs. Government agencies are responsible for payment of interest and management of debt. If student defaults are liable to lend to the government agency. 
• Guaranty – Responsibility for the liability of one party for performing other work on the loan or certain tasks or duties. Although the main lender is responsible for the loan, the guarantor is responsible for the default. 
• Gross Domestic Product (GDP) – Total market value of the products and services produced in a country in a given year. Three fields such as agriculture, industry and services. 
• Goodwill – The price paid for a firm on the value of a book extra in addition to the purchase price. Achievements' balance sheet records. 
• Guarantor – A group that can be responsible for repayment of other parties should make the default payment to that group.