Banking
A nonprofit-money making cooperative whose members can borrow from pooled deposits at low-interest rates.
What is a Credit Union?
Something of value that a borrower lets the lender claim if loan is not repaid.
Collateral
Used for employers to know how much tax to withhold
W-4 Form
A type of insurance that covers the loss of a tenant’s personal property as a result of damage or theft
Renters Insurance
A period of rising stock prices.
Bull market
These places charge high fees (sometimes 2 or 3 percent) just to have a paycheck or government check cashed.
Check cashing store
The annual rate of interest that is charged for using credit.
APR
A form you fill out to file your tax returns
1040
The amount an insured person must pay before the insurance company pays on a claim.
Deductible
How long it will take to double your money at a given rate.
Rule of 72
Earnings (or government payments) automatically deposited in bank accounts, saving time, effort, and money.
Direct Deposit
If you lost your debit card and did not report it for 3 months. How much would your maximum liability be?
Unlimited liability
Setting 3-6 months of expenses aside not to be used except for unforeseen circumstances
Emergency Fund
Coverage that provided protection for your residence and its associated financial risks.
homeowners insurance
A person who buys and sells assets for others.
Broker
Allow consumers to get a cash advance on their next paycheck. However, these short-term loans are very expensive.
Payday loan store
The 3 Major Credit Bureaus
Transunion, Experian, and Equifax
What is the ultimate long term financial goal?
Retirement
A type of life insurance that is for a specific amount of time and does NOT build a cash value.
Term Life Insurance
A profit from an investment.
Capital gain
Occurs when someone tries to purchase an item using a check or debit card without having money in their bank account.
Insufficient funds/overdraft protection
These lenders use deceptive advertising and high pressure salespeople and give repayment terms that the borrower cannot afford.
Predatory lending
Provided benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax
FICA
You receive a bill from your insurance company. The cost of the policy is called what?
Premium
An investment program funded by shareholders that trade in many diversified holdings and is professionally managed.
Mutual Fund