banking
CREDIT UNION
A nonprofit financial institution that is owned by its members and organized for their benefit.
BENEFICIARY
A person who receives money if an insured person dies.
401K
Employer sponsored retirement plan that deducts contributions from the employee's pay before taxes are counted.
W-4
A form completed by an employee to indicate his or her tax situation to the employer the form tells the employer the correct amount of tax to withhold from an employee's paycheck.
CREDIT
the ability of a customer to obtain goods or services before payment based on the trust that payment will be made in the future.
DEBIT CARD
A type of cash card that allows you to withdraw money or pay for purchases from your checking or savings account.
MORAL HAZARD
the act of insuring an event increases the likelihood that the event will happen.
MUTUALFUND
The investments of many investors are pooled in a fund that is diversified by its type of investments.
IRS
Internal Revenue Service - responsible for collection and enforcement of taxes
MORTGAGE
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property.
BANK RECONCILIATION
A report that accounts for the differences between the bank statement and a checkbook balance.
RISK
The chance of loss from an event that cannot be entirely controlled.
STOCK
Investment that shows ownership in a corporation. Pays dividends and increases in market value to benefit the investor.
INCOME TAXES
A tax that governments impose on financial income generated by all entities within their state.
APR
the interest rate of the loan plus the lender fees and closing costs.
DIRECT DEPOSIT
An automatic deposit of net pay to an employee's designated bank account.
PROPERTY DAMAGE LIABILITY
motor vehicle insurance that applies when you damage the property of others.
10%
The minimum amount of income that should be saved based on the advice of experts.
TAX DEDUCTIONS
A reduction in the gross amount on which a tax is calculated reduces taxes by the percentage fixed for the taxpayer's income bracket
ANNUAL FEE
Any fee charged over a yearly basis.
AUTOMATED TELLER MACHINE (ATM)
a computer terminal that allows a withdrawal of cash from an account, without being present at a bank.
PREMIUM
The money paid to an insurance company to purchase a policy.
BUY&HOLD
Investment strategy of putting money into an investment and leaving it there for a long period of time to gain in value earn interest or dividends.
TAX WITHOLDINGS
The portion that an employer takes from an employee's paycheck to pay part or all of the employee's taxes.
ORIGINATION FEE
a fee charged by a lender on entering into a loan agreement to cover the cost of processing the loan.