Banking
The central banking system of the United States
Federal Reserve
Which payment option could have interest charged to you?
credit card
tax payments taken out of an employee's pay before he or she receives it
withholding (tax withheld)
A tool for managing money to achieve short and long term goals
Budgeting
Coverage by contract against future possible accidents
Insurance
A type of financial institution that typically requires membership
Credit Union
Which housing option gives you more freedom and more responsibility?
buying a house
money taken out of a paycheck to pay for employee benefits like insurance or retirement plans
Deductions
An account you set up at a depository institution where you put funds for future use
Savings Account
Can protect you from paying damages in case of fire, etc.
Renters/Homeowners Insurance
The total amount of money in a banking account at any given time.
Balance
What is one of the best ways to get reliable information about a product?
search online reviews
A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes.
W-4
A member-owned financial cooperative with low interest rates
Credit Union
Helps cover medical expenses like doctor visits, prescriptions, trips to the emergency room, or stays in the hospital
Health Insurance
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
Debit card
Which forms of payment are linked to a bank account which limits the amount of money you can spend to balance your account?
checks & debit cards
a form your employer will send you that tells you how much you've made and how much you've paid in taxes in the last year; you will use this to fill out your tax return
W- 2
Interest that is paid on the amount owed and on interest previously accrued on the debt
Compound Interest
The amount you must pay out-of-pocket to your claim before insurance kicks in
Deductible
Small cash loans in the range of $100 to $500, with payment due in full at the borrower's next paycheck. Lenders charge high interest rates on the loan.
Payday Loans/ Cash Advances
What is the best reason for why someone would want to lease a house instead of buy one?
they are planning on living there for a short period of time
A flexible market that allows you to work short-term independent jobs such as delivery driver, Uber/Lyft driver
gig economy
A deficit in a bank account that is caused by drawing more money than the account holds
Overdraft
One who benefits from something; a person who is left money or other property in a will or the like
Beneficiary