Credit
The ability to obtain goods before payment, with the understanding that payment will be made in the future. "Borrowed money"
What is Credit?
This is a type of account that allows you to deposit and withdraw money, typically without penalty
What is a checking account?
Insurance that covers the personal property of the policyholder
What is renters insurance?
This is a plan you write down to decide how you will spend your money each month
What is a budget?
The date that is the deadline to file a tax return without an extension
The credit score range
a Non-transactional type of account. Money is stored in there which is meant to be kept for a period of time.
What is a savings account?
A formal request for payment from your insurance company after an incident
What is a claim?
Total amount of money earned
What is income?
A wage and tax statement. It is used to file tax returns
What is a W-2?
The yearly interest rate you'll pay if you carry a balance
What is APR?
What is a debit card?
The amount the policyholder pays each month in order to keep the policy active
What is a premium?
A savings account that pays a high annual percentage yield (APY).
What is a high-yield savings account?
A reimbursement made to the taxpayer who overpaid on their taxes
What is a tax refund?
These are the 4 major credit card networks
What are Visa, Mastercard, American Express, and Discover?
These two types of numbers can be found on the bottom of personal checks
What are account and routing numbers?
These are 3 things which need to be exchanged by drivers who get into an accident with each other.
What are drivers license, auto insurance, and contact info?
When money going out (expenses) exceeds money coming in (income) during a given period.
What is debt?
A profession that is made up of tax professionals who get hired to help file tax returns on behalf of individuals and corporations
What is a Certified Public Accountant (CPA)?
The 3 credit card bureaus
What are Equifax, Experian, and TransUnion?
The fee charged when you withdraw or spend more than the total dollar amount in your checking account
What is an overdraft fee?
The amount of money the insured person must pay BEFORE their insurance company pays anything
What is a deductible?
A budgeting suggestion which allocates half of earned income towards needs, one-third towards wants, and one-fifth towards savings.
What is the 50-30-20 rule?
This form is used to report non-employment income to the IRS. One can expect to owe taxes upon filing this form with a tax return.
What is a 1099?