Fees & Rates
A yearly charge by banks and financial institutions to customers for use of their credit cards.
What are annual fees?
The financial gain accruing over a given period of time.
What is income?
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
What is loan?
A bank account that accumulates interest
What is savings account?
The act of taking out money or other capital
What is withdrawl?
The percentage of a sum of money charged for its use.
What is interest rate?
Money spent to perform work and reimbursed by an employer
What is an expense?
A conveyance of property as security for repaying a loan.
What is mortgage?
A summary of intended expenditures.
What is budget?
A bank account against which the depositor can draw checks that are payable on demand
What is chequing account?
The value of one currency for the purpose of conversion to another.
What is exchange rate?
A system of money in general use in a particular country (i.e. dollars)
What is currency?
An obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor.
What is debt?
The money one has saved, especially through a bank or official scheme
What are savings?
A card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered
What is credit card?
A levy imposed by a governmental organization in order to fund government spending and various public expenditures
What is tax?
Immediately withdraws funds from the user’s bank account.
What is a debit card?
A person who is employed to provide financial services or guidance to clients
Who is financial advisor?
A personal budget set aside as a financial safety net for future mishaps or unexpected expenses
What is an emergency fund?
The minimum dollar amount that must be paid each month on a loan, line of credit, or other debt.
What is minimum payment?
A three-digit number that represents how likely a borrower is to repay a debt; this allows banks and other financial institutions to charge you a specific rate to borrow.
What is credit score?
One of the most basic concepts of personal finance is being able to differentiate between ____ and ____. A “____” is defined as an essential expense, such as food or housing. A “____” is an expense that would be nice to have but isn’t essential, such as designer clothing.
What are needs and wants?
The actual money you borrow plus all of the interest you will pay.
What is cost of borrowing?
The amount of time that an employee works before being paid — for example, a week or a month.
What is pay period?
A withdrawal that occurs when you don’t have enough money in your account to cover a transaction, but the bank pays the transaction anyway.
What is overdraft?