Vocabulary
Savings 'and' Loans
Retirement
CRE-dit
Insurance
100
What is the definition of a need?
What is something you can’t live without.
100
What are two services offered by S & L institutions?
What is savings and loan.
100
Defined benefit plans are also known as what?
What is pension plans
100
What is an agreement between two parties where one party leads money to the other called?
What is credit.
100
Is health insurance a need or a want?
What is a need.
200
What is the financial literacy?
What is financial knowledge, a set of basic skills, and the ability to apply knowledge to make decisions.
200
What two items of information are lenders legally required to plainly state to borrowers?
What is APR and finance charge.
200
What does tax deferred mean?
What is you don’t have to pay taxes on the account until money is withdrawn.
200
What word, prefaced by “finance”, means to have to pay money to use a credit service?
What is a charge.
200
Who signed into law the Affordable Care Act?
Who is President Barack Obama.
300
What is a charter?
What is the document that gives a bank permission to operate.
300
Other than basic, what types of checking accounts are available?
What is interest-bearing and lifeline.
300
What does IRA stand for?
What is Individual Retirement Account.
300
Name one of the three C's of credit.
What is character.
300
What is a healthcare plan that pays for covered medical services after treatment is provided?
What is an indemnity plan.
400
What is a mutual savings bank?
What is a financial institution that is owned by its depositors.
400
When reconciling a checkbook, what two things should be compared?
What is your check register and the bank statement.
400
How long does an annuity usually provide regular income for?
What is for life.
400
What is a numerical measure of someone’s creditworthiness?
What is a credit score.
400
What is insurance that can be purchased to cover medical expenses that standard health insurance doesn’t cover?
What is supplemental Insurance.
500
What is probate?
What is the transition period between the death of a person and the carrying out of their will.
500
What are the two jurisdictions that can charter credit unions?
What is the federal and state government.
500
The employee’s contribution may be deducted from their paycheck as part of a what?
What is a payroll savings plan (PSP).
500
What type of cards are offered to people who have a poor credit history?
What are subprime credit cards.
500
What federal law, enacted in 1986, gives covered workers the right to continue their group health care coverage up to 18 months after their job loss?
What is the Consolidated Omnibus Budget Reconciliation Act (COBRA).
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