Wednesday, December 28, 2011

11. (K) Basic Banking Guide A to Z


K

Key
This is a device used to open a lock, a piece of information that controls the operation.

Key currency
One of the strong currencies (dollar, euro, yen, etc.) or IMF's special drawing rights (SDR) used by a country to hold its foreign currency reserves and gold for settling international trade transactions and other obligations. 

Key man
The Person vital for the organization that runs the show, the major player in your sales team

Key man insurance
This is a insurance policy taken by an employer on the life or health of any employee whose knowledge, work, or overall contribution is considered very valuable to the company. The purpose is to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy.

Key money
It refers to the amount paid by a lessee as deposit on a leased property.

Key performance indicator
It refers to the key business statistics such as number of new orders, cash collection efficiency, and return on investment , which measure a company's performance in different areas.

Key tasted telex
This refers to old form of wire transfer of funds which used telex machine and telex messages were authenticated by the use of code (key) numbers

Kiting
Issuance of a cheque that will overdraw the account but making up the deficiency by depositing another cheque drown on another bank, to cover the cheque.

Kitty
A pool or reserve of money collected from a number of persons or sources and designated for a particular purpose specified by the contributors. For example money collected by the government through different tax channels (kitty) and distributed between different departments of central government and Provinces. 

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