Credit
The maximum amount you may charge on your credit account.
What is credit limit?
A savings account that you can access quickly to pay for unexpected expenses or emergencies.
What is an emergency fund?
A nonprofit financial institution that is owned by its members and organized for their benefit.
What is a credit union?
Protection against possible financial loss.
What is insurance?
An occupation for a significant period of a person's life and with opportunities for progress.
What is a career?
The smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the lender.
What is minimum payment?
A plan for making and spending money.
What is a budget?
The result of making a withdrawl (or purchase) when there isn't enough money in your checking account to pay for it.
What is overdraft? (or overdrawing your account)
A fixed fee that an individual pays for specific medical services, like a visit to the doctor's office.
What is co-pay?
The total amount you earn before any deductions are subtracted.
A legal process to get out of debt when you can no longer make all your required payments.
What is bankruptcy?
The amount by which something, especially a sum of money, is too small.
What is deficit?
Wow easily an asset can be converted into cash.
What is liquidity?
Amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance.
What is premium?
Deceptive or unfavorable lending practices that charge extremely high interest.
What is predatory lending?
A loan backed by collateral, something valuable such as property.
What is a secured loan?
Expenses that do not change from month to month.
What are fixed expenses?
Interest earned on both the principal amount and any interest already earned.
What is compound interest?
Amount you must pay before you begin receiving any benefits from your insurance company.
What is a deductible?
Amount of income left after taxes and deductions have been taken out.
What is net pay?
Failure to pay back a loa.n
What is default?
Saving for the future by putting money aside BEFORE paying regular monthly bills or using income for discretionary purchases.
What is pay yourself first?
A certificate issued by a bank to a person depositing money for a specified length of time and there is a penalty for early withdrawl
What is a Certificate of Deposit (CD)?
Insurance that provides protection from claims arising from injuries or damage to OTHER people or property.
What is liability insurance?
The value of what you have to give up in order to choose something else.