Finance Definition
What is a Annual percentage rate?
Interest rate charged by a credit card company on any outstanding credit card balance
What is a Bachelor’s degree?
A type of degree that normally takes four years of full-time study, also known as an undergraduate degree. You can earn a Bachelor of Science or Bachelor of Arts degree. University
What is a Certificate of Deposit?
a type of savings vehicle in which you put your money away for a certain amount of time, called a term, to allow your principal to earn interest. Also known as a CD, this savings vehicle traditionally has higher interest rates than a savings account and you must keep the money in the CD for the entire term or you will pay a penalty.
What is a Comprehensive Insurance?
A type of car insurance that covers vehicle damages caused by non-collision events, such as storm damage or theft
What is a credit limit?
The total amount of money you can charge to your credit card.
What is the Annual out-of-pocket maximum people pay before insurance kicks in
Deductible
What is a Beneficiary?
The people that are financially protected under a life insurance policy
What is a Checking account?
A type of bank of account in which interest is not usually applied to the principal, but offers a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check.
What is Copay?
A fixed fee you pay for specific medical services
What is a credit score?
A three-digit numerical rating of how likely you are to pay off your debts.
What is a Associate degree?
A type of degree that typically takes two years of full time study at a community college
What is a Bond?
An interest-earning loan to a company or government for a specific amount of time. At the end of the set amount of time, the company or government must pay back the loan amount in full, along with any accumulated interest. Bonds are often considered a low-risk investment.
What is a Coinsurance?
Money that a person is required to pay for services, after a
deductible has been paid
What is a Credit bureau?
An agency that tracks a borrower’s credit and payment history to determine their credit score
What is a debit card?
A payment type that allows you to make purchases using money directly from your checking account.
What is a ATM?
An abbreviation that stands for Automated Teller Machine. An ATM is a machine that allows you to make electronic deposits and withdrawals from your bank accounts.
What is a Budget?
A plan for spending or saving money that is made up of income and expenses
What does liability insurance cover?
The other person's car not your own
What is a Credit card?
a payment type that does not automatically draw money from your checking account. It provides a short-term loan from the credit card company. At the end of each purchase period (usually a month), you receive a bill with all of your charges. You will have the option to pay off your balance (the amount you owe) or pay the minimum payment. If you do not pay your entire balance, you start to pay interest on the money you owe.
What is a deductible?
The amount you are personally required to pay before your pay before your insurance cover the cost.
What is a ATM Fee?
The amount of money you are charged for using another bank’s ATM
What is Car insurance?
A type of insurance that covers any damage you may cause to another person or their vehicle
What is a Community college?
Typically a two-year higher education institution, also known as a junior college that costs less than a four-year college
What is a credit card bill?
A statement showing the total amount of money owed based on your credit card transactions.
What is a deflation?
When the price of goods or services decreases.