Loans
Money lent to someone in exchange for future payment plus interest
What is a loan?
The biggest factor when it comes to compound interest
What is time?
The fee of borrowing money, usually a % of the loan amount.
What is interest?
The amount of resources needed or wanted.
A balanced budget means income and expenses are
What is equal?
APR stands for
What is annual percentage rate?
A retirement option that can be set at most financial institutions
What is an IRA?
a document showing your gross and net pay
What is a paystub?
Type of coverage that only covers the other person involved in the accident if it is your fault
What is liability?
This type of bank account requires a minimum balance
What is a savings account?
A long term loan of 15 to 30 years
What is a mortgage?
This retirement account is employer sponsored
What is a 401k?
This payment option allows money to be borrowed for everyday purchases and then paid back later with interest.
What is a credit card?
To qualify for health insurance under your employer you have to work...
What is full time?
Money removed from an account
What is a debit?
The ability to borrow money with the promise that you'll repay it in the future
What is credit?
Interest paid on the interest you already made. (Hint: it is more every time!)
What is compound interest?
A term used to reference electric, water, gas and other services paid monthly to run a household
What are utilities?
What is tax day?
credit extended from a bank or credit union when a checking account is empty (has insufficient funds), resulting in a fee
What is an overdraft?
Type of interest that is paid on the principal only and is the same every time. Or the opposite of complicated.
What is simple?
You should do this if you have more than a year's expenses saved up.
What is invest?
Agreement promising to protect you from a financial risk in exchange for payment of a premium
What is insurance?
Health insurance: dependents are covered until what age?
What is 26?
An agreement to leave money in a specific account for a set amount of time with the promise of a higher interest rate
What is a CD (Certificate of Deposit)?