I'm Thirsty
What will the result be when you write a check for an amount greater than your checking account balance?
Overdraft
What is the first step in the auto-buying process?
Research/Analyze - how much you can afford and what type of car will fit your needs
What is an escrow account used to collect?
Property Taxes
A savings account offers this type of interest which means that you will earn interest on the interest as well as the principal.
Compound Interest
Cash, Savings, Checking, CD's, Money Markets
What is typically the biggest fixed auto ownership cost?
The cost of installment loan payments
How much equity do you typically need to have in your home before you can refinance it?
20%
What is the organization that insures commercial banks?
Federal Deposit Insurance Corporation (FDIC)
What is another name for a demand deposit account?
Checking account
When you are buying a house, who typically pays the real estate agent's commission?
The Seller
This is the process of providing a potential home buyer with the specific mortgage amount that he or she is eligible for.
Prequalification
If Sara's checking account ledger shows that she has a $400 balance, and she notices on her bank statement that her bank has a $20 service charge for this period, what is her actual balance?
$380
Which type of banking organization is a member-owned financial cooperative?
Credit Union
What do we call the expenses that borrowers pay during the final step of a real estate purchase?
Closing Costs
What is the term when a lender attempts to recover loan balances from borrowers who have quit making payments by forcing the sale of the home.
Foreclosure
Which type of bank is the fastest growing in popularity?
Internet Banks
What is the term for a check that you write, but has not yet been received and processed by the bank?
Outstanding Check
What is the term for the price of the car you are leasing?
Capitalized Cost
When you cannot make at least a 20% down payment on a house, a lender will require you to have this.
Private Mortgage Insurance (PMI)
What is the name of a personal check that a bank certifies to guarantee that the funds are available?
Certified Check