Loans
Money that is borrowed and needs to be paid back, typically with interest.
What is a loan?
Earnings received as wages.
What is income?
An account at a bank used to transfer funds used to make cash purchases.
What is a checking account?
A written plan for the distribution of one's available cash.
A summary of one's credit history.
What is a credit report?
The length of time allotted to repay a loan.
What is a term?
Something valuable that employees receive in addition to their income.
What are benefits?
An account at a bank used to hold money for a later date.
What is a savings account?
An item bought without previous planning.
What is an impulse purchase?
The part of a mortgage that has been repaid.
What is equity?
What is qualifying?
A banking term used to refer to the automatic transfer of money from the employer's payroll to a personal checking or savings account.
What is direct deposit?
How quickly and easy an asset can be converted into cash.
What is liquidity?
This occurs when money is more money is withdrawn from a bank account than is available to be withdrawn.
What is overdraft?
The interest paid on a card is typically presented as.
What is APR/Annual Percentage Rate
Assets committed to the repayment of a loan, to be used in place of payment should one not be able to repay a loan.
What is collateral?
The amount of money paid before deductions are subtracted.
What is gross pay?
The percentage rate paid on money invested or saved.
What is interest?
Expenses that remain the same month-to-month.
A transaction that adds to an account.
What is credit?
A second person, outside of the borrower, that is responsible for a loan.
What is a co-signer?
A way to measure personal wealth calculated by subtracting the value of a person's debts from the value of their assets.
What is net worth?
Specific objectives to be reached through financial planning and saving.
What is a financial goal?
Money set aside in case of emergency.
What is an emergency fund?
A percentage of the purchase price of a high-ticket item that must be paid before a loan can be issued.
What is a down payment?