Banking
A type of bank account that is used for everyday transactions
Checking account
What is budgeting?
This is the practice of planning income and expenses over a set period.
What is health insurance?
The type of insurance that covers medical expenses
What is a stock?
This type of investment represents ownership in a company.
what is a credit score?
This three digit number reflects how trustworthy you are to lenders.
What is FDIC?
Federal agency that insures deposits in most banks up to 250,000
What is the 50/30/20 rule.
This is a budgeting rule that suggest spending 50% on needs, 30% on wants, and 20% on savings
what is auto insurance ?
the insurance that protects your car against damage
What is a mutual fund or ETF?
A collection investments bundled into one, often tracked by an index
What is credit report?
Credit report included credit history, debt, and payment behavior
What is a money market account ?
A type of saving account that earns interest and have limited withdrawal options.
What is your net income?
The difference between your total income and total expenses.
What is the deductible?
The amount must be paid out of pocket before insurance coverage begins
What is deductible?
This amount must be paid out-of-pocket before insurance coverage begins.
What is credit limit
The maximum amount you can charge on a credit card
What is an ACH transfer?
The type of electronic transaction allows automatic deposit or withdrawa.
What is fixed expense?
These type of expenses that stay the same every month.
ex. Car payment or rent
What is disablity insurance?
What is a bond?
This investment pays regular interest and returns principal at maturity.
What is the credit utilization ratio?
The ratio that compares how much credit you are using to your total available credit.
What is a debit card?
A form of payment allows you to access your account using A card
What is zero based budgeting?
this is a budgeting method that uses envelopes or categories to allocate every dollar
What is whole life insurance?
Tye of life insurance that has an investment component and can build cash value
What is compound interest?
The concept of earning interest on both the initial principal and accumulated interest.
What are secured loans
The type of loans use assets like a car or house as collateral