a basic account with unlimited withdraws and deposits.
checking account
100
interest
What is money the bank pays you for leaving it in your savings account
100
What is it called when you add money to your account and increase your principal.
deposit
100
What is it called when you take money out of your account, thereby reducing your principal
withdraw
100
This refers to the amount of money you deposit in your
account to begin saving
principal
200
An account that has limited withdrawals, and usually has higher interest than a checking account.
What is a savings account
200
is a “simple” fee paid to you on your principal, expressed as a percentage of the principal over time.
What is simple interest
200
is unchanging, and guarantees
the same percentage of interest.
What is a fixed rate
200
is your financial wealth at one point in time
What is net worth
200
rent, car payment, insurance, gym membership, child care
What are fixed expenses
300
It is kinda like a saving account, but usually has higher interest rates.
What is a money market account
300
Each time your interest compounds, it gets added back to your account and becomes part of your principal.
What is compound interest
300
can go up and down and is usually determined by current
economic conditions
What is a variable rate
300
is something that you owe, something that has negative economic value.
What is liability
300
utility bill, groceries, gasoline, phone bill
What are variable expenses
400
This is like giving the bank a loan with your money. They pay you back with a set interest rate, after an agreed upon time.
What is a C.D.
400
may look exactly like a credit card or a debit card. However, instead of being linked to
your bank account (like a debit card), or providing you a line of credit (like a credit card), a prepaid card
lets you spend only the amount that’s been pre-loaded onto the card
What is pre-paid card
400
APR
What is Annual Percentage Rate
400
is something that you own that has positive economic value.
What is an asset
400
looks like a credit card but is an alternative payment method to cash and checks.
What is a debt card
500
IRA
What is an individual retirement account?
500
Rick Scott
Who is the Governor of Florida
500
refers to how easily or quickly you can withdraw your money
What is liquidity
500
entitles you to make purchases based on your promise to pay for these purchases at a later date.
What is a credit card
500
When you spend money on something you want versus something you need, this is called