Language of Money
Random
Banking
Loan
100
The existing amount in an account
What is a Balance?
100
Costs that do not change
What is a Fixed Cost?
100
money set aside, generally in a bank or investments, which earns interest
What is Savings?
100
a written agreement to repay borrowed money; also called a note
What is a Loan?
200
a report that tells you how well you repay your loans
What is a Credit Report?
200
Costs that can change
What is a variable costs?
200
Commonly known as a CD, an account into which you deposit a sum of money and agree to keep it there for a specified length of time.
What is Certificate of Deposit?
200
a special loan that generally refers to money borrowed to buy a house
What is a Mortgage?
300
the cost required for something; the money spent on something
What is an Expense?
300
A small-dollar, short-term loan that a borrower promises to repay out of their next paycheck or deposit of funds.
What is Payday Loans?
300
A nine-digit number that identifies your financial
What is a Routing Number?
300
money paid by the bank for the use of your money, or paid by you for the use of bank money
What is Interest?
400
a transaction that takes money from an account
What is a Debit?
400
The payment history of an account over a specific period of time, including the number of times the account was past due or over limit.
What is Account History?
400
An account owned by two or more persons. Either party can conduct transactions separately or together as set forth in the deposit account contract.
What is a Joint Account?
400
a percent of the purchase price of an expensive item that must be paid before a bank issues a loan
What is a Down Payment?
500
a transaction that adds to an account
What is a Credit?
500
A fee incurred when your checking account doesn’t have enough funds to cover a payment that is requested. The financial institution will pay what your account lacks, after which your account may have a negative balance.
What is an Overdraft Fee?
500
the action of making financial accounts consistent; harmonization
What is Reconciliation?
500
Interest that applies to the original deposit as well as any newly earned interest.
What is Compounding Interest?
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