Get Money
This type of bank charges less fees and has higher interest rates
Online bank
Name one unique strategy of managing risk
-start early, diversify investments, invest consistently (dollar-cost averaging)
A fee paid for the use of money over time. In other words, it’s the cost of borrowing money
Interest
A nonprofit financial institution that is owned and operated entirely by its members.
Credit union
About how long does it take to establish your credit score
6 months
FDIC insurance limit per depositor per bank
$250,000
Trading stocks using confidential information
Insider trading
An amount that can be subtracted from person’s tax liability that lowers their taxable income
Name one unique feature of traditional banks
-Physical location(s), face-to-face help available during banking hours
A written summary of your financial history, from savings accounts to loans to credit card payments.
Credit report
An account that offers interest on deposits but may have some restrictions.
Savings account
The key benefit of starting to invest early
Compound growth/interest
Every job you had in the past year will send you this form reporting your income, usually around the 3rd week of January
W-2
A record of money that the customer agrees to leave in a lump-sum deposit untouched for a predetermined period of time
Certificate of deposit (CD)
The largest factor that affects your credit score at 35%
Credit history
Loans to governments or companies
Bonds
Term for a declining market and a receding economy
Bear market
A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate.
Filing status
The central banking system in the United States
the Federal Reserve
FICO Credit Score range
300-850
This allows banks to "create" money without printing it
Fractional reserve banking
The declining value of money due to rising prices
Inflation
The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns.
1040
Income that is available after all of the essential financial commitments have been paid.
Discretionary income
Provides part-time jobs for students with financial need to earn money to help pay for educational expenses.
Federal work-study