Financial Institutions
This type of financial institution is for profit
What is a Commercial Bank?
This is an intentional effort to deceive someone for personal gain
What is fraud?
This is a sum of money demanded by a government to support the government itself as well as specific facilities or services.
What are taxes?
This transfers risk from and individual to an insurance organization.
What is insurance?
This is a plastic card that you can use to access a line of credit that has been established in a advance
What is a credit card?
This is the price paid for using someone else's money
What is Interest?
This type of fraud is when someones personal information is used without their permission
What is identity theft?
This type of tax is on earned and unearned income.
What is income tax?
This is the chance of loss from an event that can't be entirely controlled.
What is risk?
This is the maximum dollar amount that can be borrowed
What is a credit limit?
This is an extra service many financial institutions offer as a safe place to keep any valuables
What is a Safe Deposit Box?
You use this type of card to make purchases safely online
What is a credit card?
This helps pay for healthcare for senior citizens
What is medicare?
When buying insurance this is the money paid to purchase the policy.
What is a premium?
This is the unabbreviated version of APR?
What is Annual Percentage Rate?
This type of fee is charged if you withdraw more money from your account than is currently in it
What is an Overdraft fee?
What is one way you can protect yourself from fraud
Don't carry your social security card, memorize your PIN number, shred personal documents before getting rid of them, and keep personal records in a safe place.
Which type of tax helps fund the social security and medicare programs?
What is payroll tax?
This is the amount of money paid out of pocket by the policyholder before the insurance coverage begins
What is a deductible?
This is the place on the credit card offer where they are required to disclose the terms and fees
What is a Schumer Box?
Transactions completed with no physical connection between the payment device and the point of sale (POS) device or store clerk
What is Contactless Payment?
This government agency helps protect from fraud by preventing businesses that are unfair or deceptive to consumers.
What is the Federal Trade Commission?
This type of tax helps fund schools and expenses of the state and local governments.
What is property tax?
This is the amount of money, after the deductible, that is paid jointly by the insured and the insurance company
What is co-insurance?
This type of fee is charged when a cardholder doesn't make the minimum monthly payment by the due date
What is a late payment fee?