Interest
the ability to loan money
Credit
Tax charged by government on an income
Income Tax
how much a person is worth
Net Worth
An electronic payment system that enables customers of a bank or other financial institution
Internet Banks
A statement that has information about your credit activity
credit report
A person gets a number which tells them how long it takes to repay a loan.
Credit Score
Tax paid on a property owned by an individual
Property Tax
Financial milestone that you plan to achieve or reach
Financial Goals
A financial institution that provides services like loans, certificates of deposits, savings bank account
Commercial Bank
a thing for which someone is responsible, especially a debt or financial obligation
Liabilities
The interest you earn on interest
Compound Interest
Tax paid on wages & salaries of employees to finance social insurance programs like Social Security
Payroll Tax
Money debt payments divided by grossly month income.
Debt-to-Income
Credit Union
Minimum amount of money required to open an account with a financial institution
Minimum deposit
Measure of how much of your available credit you're using
Credit Utilization
A set percentage of income automatically taken out of each paycheck and invested in your account
401k
What the bank charges you any time you withdraw more money from your account than what you have in it
Overdraft (fee)
Allows your employer to make deposits straight into your bank account
Direct Deposit
Recession
When the economy reaches a peak of activity and ends when the economy reaches its trough
Equifax
An American consumer credit report agency.
Payday Lender
Companies that lend small amounts of money
ROI (rate on investment)
A calculation of the monetary value of an investment versus its cost
FDIC
Deposit insurance corporation run by the government
Amortization
Amortization typically refers to the process of writing down the value of either a loan or an intangible asset. Amortization schedules are used by lenders, such as financial institutions, to present a loan repayment schedule based on a specific maturity date.