Money
exchange goods and services
the practice of taking cash out your account at a branch or ATM
What is withdrawaling?
700-750
What is a good credit score?
protection against financial loss
What is insurance?
the possibility of a financial loss
What is risk?
What is greenbacks?
perk associated with most bank accounts that allows your employer to put your pay check in your account instead of giving you a paper check
What is direct deposit?
this type of inquiry negatively affects your credit score
What is a hard inquiry?
a monthly, quarterly, or bi yearly or yearly fee for to have insurance
What is a premium?
most risky type of investment, a share of ownership in a company
stock
the amount of money you earn before any taxes or deductions are taken out vs the amount of money you earn after deductions and taxes are taken out
What is gross vs net pay?
Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of what type of financial institution?
What is credit union?
Experian, Transunion, Equifax
What are the three credit bureaus?
coverage of loss of jewelry or other personal items of value within a home
estimated formula to determine how many years it will take to double your investment
What is the Rule of 72?
What is monetary policy?
perk of some higher end bank accounts that allows for storage of high value items
What is safety deposit box?
the 5 C's of Credit
What is Capital, Character, Collateral, Conditions and, Capacity?
formal request for a payment, sent to the insurance company to cover a loss
What is a claim?
type of retirement account that is tax deductible, max contributions per year is $6,000
Traditional IRA
You borrow $1000 for 9 months at 6 ¾% What is the total you will pay by the end of the loan?
What is $1,050.63?
The process of comparing one’s financial records (checkbook) to the records of the financial institution (bank statement) to find errors.
What is balancing or reconciling a checkbook?
This law makes it illegal for creditors to grant credit on any characteristics other than those that reflect creditworthiness
What is the Equal Opportunity Credit Act?
Susie breaks her arm on January 1st. She has a $500 deductible that has not been met and an $800 medical bill. How much does Susie have to pay?
What is $500?
Before the Kiss Corporation can issue stocks or bonds, it must register the issue with:
What is Securities and Exchange Commission (SEC)?