Types of Accounts
An account with multiple people having access.
What is a Joint Account
What is a withdrawal?
the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
What is credit?
FOMO stands for what?
Fear of missing out
This is the cost of borrowing money, usually expressed as a percentage.
What is interest?
A bank account used for everyday expenses and transactions.
a sum of money placed or kept in a bank account, usually to gain interest.
What is a deposit?
This three-digit number helps lenders determine your creditworthiness.
What is a credit score?
When was FOMO established?
1933
The type of interest that is calculated only on the original principal amount.
What is the Simple Interest?
A type of account that earns interest but limits withdrawals. It is used for future goals.
What is a savings account?
ATM stands for what?
What is a automated teller machine?
The highest credit score possible in most scoring models.
What is 850?
Why was FDIC created?
To protect depositors money.
the type of interest that is calculated on both the principal and previously earned interest.
What is Compound Interest?
a financial institution that provides services like loans, certificates of deposits, savings bank accounts bank overdrafts, etc. to its customers
ex. Chase bank, Bank of America
What is a commercial bank?
I don't have enough money in my account, what term does this describe?
What is insufficient funds?
A plastic card that allows you to borrow money up to a set limit, usually with interest.
What is a credit card?
How much does FDIC cover for each depositor?
What is 250,000 per depositor.
A loan where the interest rate does not change over time.
What is a fixed interest ?
a savings account that offers a higher interest rate in exchange for agreeing to keep your money deposited for a set period
-"CD" stands ...
What is Certificate of Deposit ?
EFT stands for what?
what is Electronic Funds Transfer?
This document contains your credit history, including loans, payments, and inquiries.
What is a credit report?
How many cognitive bias are there? Name each of them.
A loan where the interest rate fluctuates based on market conditions.
What is a variable interest?