Basics
This fee is charged if you spend more than your available checking balance.
What is an Overdraft Fee?
This is the "cost" of borrowing money, or the "reward" for saving it.
What is Interest?
This three-digit number tells lenders how reliable you are as a borrower.
What is a Credit Score?
This is the most common repayment period (in years) for a standard home mortgage.
What is 30 Years?
This is your "take-home" pay after all taxes and deductions have been removed.
What is Net Pay?
Unlike a bank, this financial institution is a non-profit owned by its members.
What is a Credit Union?
This type of interest is calculated on both the principal and the interest previously earned.
What is Compound Interest?
This is the yearly interest rate charged on a credit card balance.
What is APR / Annual Percentage Rate?
This monthly payment to your lender covers your property taxes and homeowners insurance.
What is Escrow?
New employees fill out this form to tell the government how much tax to withhold.
What is a W-4?
This card deducts money from your account immediately at the time of purchase.
What is a Debit Card?
Natural resources like gold, oil, or wheat are known as this type of investment.
What are Commodities?
This type of lender is criticized for charging extremely high interest on short-term loans.
What is a Payday Lender?
This insurance pays out a sum of money to "beneficiaries" when the insured person dies.
What is Life Insurance?
This is your total income before any taxes are taken out.
What is Gross Pay?
This account requires you to leave your money untouched for a set period to earn higher interest.
What is a Certificate of Deposit / CD?
Using the Rule of 72, if you have a 6% interest rate, your money will double in this many years.
What is 12 Years?
This is the term for a "buy now, pay later" arrangement.
What is Credit?
This insurance provides liability protection that goes beyond your auto or home policies.
What is Umbrella Insurance?
This form is sent to you in January and shows how much you earned and paid in taxes the previous year.
What is a W-2?
This is the process of comparing your personal records to your bank statement to ensure they match.
What is Balancing a Checkbook?
This represents ownership in a corporation and carries a risk of losing money.
What are Stocks?
Using 100% of your available credit limit will likely cause your score to do this.
What is Decrease / Drop?
If you have a small down payment (less than 20%), a lender will likely require you to pay this.
What is a PMI / Private Mortgage Insurance?
This personal "status" (e.g., single or married) determines your federal income tax bracket
What is Filing Status?