Credit & Debt
Something valuable that can be claimed by a lender if you fail to pay back a loan.
What is collateral?
This form reports an employee's annual wages and tips and is used to complete a tax return.
What is a W-2?
This form of insurance protects you financially if you are responsible for injury or property damage.
What is liability insurance?
This account type requires a fixed deposit for a set period of time and earns a higher interest rate.
What is a Certificate of Deposit (COD)
Anything of value that can be bought or sold.
What is an asset?
The original amount of a loan before interest is applied.
What is the principal?
This form is filled out when you get a new job and helps employers know how much to deduct from your paycheck.
What is a W-4?
The regular payment made to an insurance company to keep your coverage active.
What is a premium?
This account type has a minimum balance and limits on monthly transactions but you can deposit or withdraw funds at any time.
What is a Money Market Account?
The total amount of money earned before taxes or deductions.
What is gross income?
A percentage of a loan charged to the borrower and paid to the lender. The cost of borrowing money.
What is the interest or interest rate?
This form is filled out when you get a new job and includes your name, address and social security number.
What is a W-9?
The amount you pay out of pocket for covered services before your insurance plan starts to pay.
What is the deductible?
This fine is charged to a checking account when you spend more money than you have deposited.
What is an overdraft fee?
This is the value of what you give up when you make a choice.
What is the opportunity cost?
A type of loan, often a mortgage or credit card, where the interest rate changes over time.
What is an adjustable or variable rate loan?
This is the most common tax form used by individuals to complete a tax return.
What is a 1040?
The maximum amount an insurance policy will cover in the case of liability.
What is a coverage limit?
A single unit of ownership in a company. Can be bought and sold, hopefully for a profit.
What is a share or stock?
This part of a financially sound budget should always be more than your expenses.
What is your income?
The length of time you have to repay a loan.
What is the loan term?
A type of tax that overly burdens low income individuals.
What is a regressive tax?
This form of car insurance covers damage to your vehicle NOT caused by a collision.
What is comprehensive coverage?
These alternatives to traditional banks are often not covered by federal deposit insurance (FDIC).
What are peer-to-peer payment systems (Venmo, Cashapp, Paypal)?
These personal values can influence your spending habits by making it more likely that you will spend money on friends and family.
What are social values?