Loan Basics
This person receives money from a lender and agrees to pay it back.
Who is a borrower?
A record where you track deposits and withdrawls
What is a check register?
Represent ownership in a company and can be bought or sold
What are shares of stocks?
This is a score or rating that reflects your ability to pay back or you can use for (goods/service)
What is credit?
A contract that provides financial protection against loss
What is insurance?
This is the cost of borrowing money, usually expressed as a percentage
What is interest?
A savings product with a fixed interest rate and maturity date
What is a bank CD?
Money put into something with the expectation of earning a return
What are investments?
The person or bank that gives out a loan
Who is a lender?
A retirement savings plan often offered by employers
What is a 401K plan?
This is the act of paying back borrowed money over time
What is repayment?
This is the monthly amount paid toward a mortgage.
What is a house payment?
The financial gain after subtracting expenses
What is profit?
A penalty fee for breaking a financial rule or agreement
What is a fine?
The person who lends money to another party.
Who is a lender?