Terms
What is annual fee?
a yearly fee for having a credit card; most credit card companies no longer gave this fee.
What is credit?
An agreement to provide goods, services, or money in exchange for future payments, with interest, according to a specific schedule.
What is a credit union?
a state or federally owned-for profit financial cooperative that provides financial services to its members-owners,who have met specific employment, residence, or other eligibility requirements.
What is interest?
Money you are paid for lending money or the amount of money that is added to the money you borrowed
What is deposit?
a sum of money put into a bank account.
What is annual percentage rate (APR)?
The percentage cost of a credit card on an annual basis; must be disclosed by law.
What is a credit card?
a plastic card authorizing the delivery of goods and services in exchange for future payment, with interest, according to a specific schedule.
What is a debit card?
What is investment?
Putting money into assets (like stocks, bonds, mutual funds, ect.) to help you reach your financial goals
What is direct deposit?
he automatic transfer of salaries,wages, rents, benefits, and other sums, directly into the account of an employee or beneficiary
What is appreciation?
A rise in value or price.
What is a creditor?
one who gives credit for money or goods; one who is debt is owned.
What is a grace period?
Amount of time that a creditor allows before charging extra fees
What is a late fee?
Charge levied against a client for not paying a bill by its due date.
What is a loan?
Something that is lent; allowed to be issued for a period of time; if the loan is money, it is often repaid with interest.
What are assets?
What a person owns- cash, stocks, bonds, real-estate, personal possessions, etc.
What is a credit report?
an official record of the borrower’s credit history; includes information such as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens.
What is an individual retirement account (IRA)?
An investment with specific tax advantages; differs taxes on earnings until withdraw.
What is a debit card?
a plastic card that provides access to electronic funds transfer (EFT) from an atoumated teller machine (ATM) or point-of-sale (POS) terminal;AKA: Check card.
What is minimun payment?
Smallest amount a consumer is required to pay on a revolving charge account in order to keep the account in good standing
What is an automatic teller machine (ATM)?
Computer terminal used to conduct business with a financial institution or purchase items like postage stamps or transportation tickets; AKA cash machine.
What is a credit score?
a statical measure of a loan applicant’s credit worthiness-the likelihood of repayment.
What is inflation?
A general increase in the price of goods over time
What is debt?
something owed; usually measured in dollars.
What is mortage?
A long term loan to buy real estate (land and the structures on it).