Banking/Budgeting
A fee charged when you use more money than you have available in your account
What is overdraft fee?
Process of systematically paying off a debt (like for a car or a house) with regular, equal payments
What is amortization?
What is bankruptcy?
This is the minimum federally mandated amount that an employer must pay an employee (who is of legal age) per hour.
What is minimum wage?
This is a government run insurance program that provides healthcare assistance to low income Americans.
What is Medicaid?
Federal Depositors Insurance Corporation that protects up to $250,000 worth of depositor's money in the event of a bank failure
What is FDIC?
Amount of money borrowed, invested, or saved, separate from interest.
What is principal?
The taking back of property after a borrower has defaulted on a loan.
What is repossession?
This form is filled out when a new employee begins working for a company and is used to inform the employer of the employee's tax situation.
What is a W-4 form?
This is a government-run insurance program that provides healthcare assistance to elderly and disabled Americans.
What is Medicare?
When you don't have enough money in your account to cover a transaction, it's called non-sufficient funds.
What is NSF?
A percentage of the cost of a car or house that is paid in advance of the purchase to lower the amount financed.
What is a down payment?
This is the most commonly used credit score.
What is a FICO score?
These are contracted wages for an employee for performing a job. Typically, this figure is reported as an annual amount and doesn't consider number of hours worked.
What is salary?
This is the Federal Income Contributions Act.
What is FICA?
This type of expense is the same each month
What is a fixed expense?
These costs are associated with buying a house such as appraisal, title, inspections, etc. and are paid in addition to a down payment to secure the loan.
What are closing costs?
This is a document detailing your credit history.
What is a credit report?
This is a set of income ranges that are taxed at a specific rate.
What is a tax bracket?
This is the form used to report your wages to the IRS.
What is a 1040?
This type of expense is different each month.
What is a variable expense?
In this account, a third party agrees to hold assets or money during a transaction. Typically these are funds used to pay property taxes and homeowners insurance.
What is escrow?
This is a 3-digit number representing one's credit history and credit-worthiness.
What is a credit score?
This is the total amount of earnings before taxes and deductions.
What is gross income?
This is a federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
What is social security?