Debit vs. credit
Linked to your checking account and one that lets you withdrawal and introduce new money into your card straight from your bank account without being charged a fee.
Debit card
A good way to budget money when first starting out with cash (usually used with teenagers)
Envelope method
A legal agreement between the insurer and the insured in which the insured receives financial protection from the insurer for the losses he may suffer under specific circumstances.
Insurance
The opposite of inflation
Deflation
Dividing your income into three categories. A percentage on needs, percentage on wants, and percentage of on savings.
50/30/20
Issued by the bank, cardholders are allowed to borrow funds to pay for goods and necessities while being able to build credit while being charged a (certain amount of time) fee. (with interest)
Credit card
An account that allows you to deposit money in and earns you interest at the same time
savings account
Issued by the insurance company, using the cash value of a life insurance policy as a collateral.
A policy loan, also known as a "Life insurance loan"
The rate of increase in prices over a given period of time.
Inflation
Things people need to survive rather than would rather have
Wants vs. Needs
The amount of time between the end of a billing cycle and when the date payment is due.
Grace period
An easy-access account that allows you to access your money for transactional needs while keeping your cash secure at the same time.
checking account
One of the most reoccurring insurance policy's
Car insurance
When the general price levels in a country are falling
Buying a home, paying for education, renting a car, saving for retirement are all considered financial decisions (?)
Yes
A fee in which you do not pay your credit card billing on time. (can cause interest rate to spike)
Late payment fee
A charge that banks impose on customers for taking money out of their own accounts.
bank withdrawal fee
Your insurance company will pay a maximum of $25,000 in bodily injury coverage per person, $50,000 in bodily injury coverage per accident, and $25,000 in property damage liability coverage for an at-fault accident.
25/50/25
highest inflation rate recorded in US history
20.49% in 1917
A distribution of a company's earnings to it's shareholders and one that is determined by the company's board of directors is..
A dividend
The amount of time a grace period usually lasts
Between 21 and 55 days
The cost you pay each year to borrow money. This includes fees and it is expressed as a percentage.
APR (annual percentage rate)
Provisions inserted in the policy that qualify or place limitations on the insurers promise to pay or perform.
Conditions of insurance
(if conditions are not met, the insurer can deny the claim)
Inflation effects the cost of living, taxes, consumer spending, employment rates, government programs, etc. (?)
Yes
A person you hire to make suggestions or most of your financial decisions for you
Financial Advisor