Credit
Will a late payment increase or decrease your credit score?
Decrease
This is the amount you pay each month to have insurance coverage
Premium
These coins and bills are considered physical forms of money.
Currency
This type of account is used for everyday spending and allows for frequent withdrawals and deposits
checking account
This agency protects bank deposits up to $250,000 in member banks.
FDIC (Federal Deposit Insurance Corporation)
What is an example of open-end credit?
Department store charge cards
This is the amount you must pay out-of-pocket before your insurance begins to cover costs.
Deductible
This characteristic of money means it must be easy to carry and use.
portability
This is the fee banks may charge if you spend more money than you have in your account.
overdraft fee
This federal agency protects credit union deposits up to $250,000.
NCUA (National Credit Union Administration)
What is the credit score range?
300-850
This type of insurance protects you if you are responsible for causing injury or damage in a car accident.
Liability Insurance
This term describes money that is widely accepted in exchange for goods and services.
medium of exchange
This number identifies your bank and is found on the bottom of checks.
routing number
This agency monitors the stock market and prevents fraud in the securities industry.
SEC (Securities and Exchange Commission)
This type of interest is charged on the original amount of any accumulated interest from previous periods.
Compound Interest
This type of insurance provides income replacement if you are unable to work due to illness or injury.
Disability Insurance
This term refers to the ability of money to hold its value over time.
store of value?
This is the total return you earn on a deposit in one year, including compounding
annual percentage yield (APY)?
This entity controls the U.S. money supply and sets interest rates.
Federal Reserve (The Fed)
These three companies-Equifax, Experian, and TransUnion- track your borrowing and payment history
Credit Bureaus
This type of insurance helps cover the costs of long-term care services, like nursing homes or assisted living.
Long-term care insurance
This type of money has no intrinsic value but is accepted because a government declares it legal tender.
fiat money
This banking service allows you to access your account and perform transactions over the internet.
Online banking
Open Market Operations