Money
Hours Worked x Hourly Wages =
Gross Pay
Instruments that are treated a good as cash
Bank Check
Cashier Check
Money Order
The total amount of interest and loan charges you would pay over the entire life of a loan (or line of credit).
Finance Charge
The amount you pay each month (or quarterly/annually) to keep your insurance policy active
Premium
An agency that supervises and regulates stock market activities
Security Exchange Commission (SEC)
Gross Wage - Deductions =
Net Pay (Net Income)
An institution that accepts monetary deposits and offers checking, savings, and investment options
Banks
Credit Unions
The three major credit reporting agencies
Equifax, Experian, Transunion
A specified amount of money that the insured must pay before an insurance company will pay a claim
Deductible
The leading stock exchange entity in the world
NYSE
Others: NASDAQ, Shanghai, & Euronext
A loan on a future paycheck that is very expensive
Payday Loan
Paying others through a cell app (Cashapp, ApplePay)
Online Banking
Electronic Funds Transfer
Used to determine the creditworthiness of potential borrowers
Five C's: Character, Capacity, Collateral, Capital, Conditions
FICO Score
A formal request from the policyholder to cover their insurance company asking for payment after a covered incident
Insurance claim
A market description that occurs when stock market indexes are rising, eventually hitting new highs; a market that is rising in value
Bull market (fast-paced return on investments)
Assets - liabilities =
(Debt reduces this)
Net worth
Using another person's social security and identification cards to open an account (of any kind) with their permission
Identify Theft
The yearly rate used to calculate finance charges
Annual Percentage Rate
Type of insurance that replaces items in the event of a catastrophic event (fire, flood, tornado, robbery)
(Property)
A market in which prices are falling
Bear
(A good time to invest at a lower price.)
401(k) plans and IRSs
Retirement Plans
(Start saving for retirement early.)
Protects deposits up to 250,000
National Credit Union Administration
Used to get a fresh start if a person can no longer pay their debts
Bankruptcy
Life insurance that will provide a death benefit for a specific time
Term Life Insurance
The distribution of a company's earnings to its shareholders; often paid quarterly
Dividend