the difference between an amount owed on a home and what it is valued at
What is equity?
100
an arrangement to share transportation with other commuters
What is a carpool?
100
an apartment in a building with two units
What is a duplex?
100
the device that measures miles driven on a car
What is an odometer?
200
investing in various businesses with different levels of risk
What is diversification?
200
a measure of your financial ability to repay a loan
What is capacity?
200
the parts of a car that a buyer chooses to include or not include when buying a new car
What are options?
200
an apartment-like housing option; the difference is that it is owned rather than leased
What is a condo(minium)?
200
a legal process i which people who cannot pay their debts must surrender most of their property in an attempt to pay off their debts and have any balance erased
What is bankruptcy?
300
the existence of this allows for brokerage firms to be linked electronically and for stocks to be bought and sold without using a central location
What is NASDAQ?
300
the property pledged to back a secured loan
What is collateral?
300
the price that a dealer buys a car for from the manufacturer
What is the invoice price?
300
the amount of money that a landlord holds in case of damages
What is the security deposit?
300
a savings plan with tax-deferred benefits that some people choose to use to put away money for retirement
What is an IRA, or individual retirement account?
400
a business that pools money from many people to invest in various ways
What is a mutual fund?
400
the total cost a borrower must pay for a loan, including all interest and fees
What is the finance charge?
400
car parts that have been repaired or restored to working order; another name for rebuilt parts
What are reconditioned parts?
400
a mortgage that allows for first-time home buyers to purchase a house with a small down payment
What is an FHA mortgage?
400
the holding place used by a mortgage lender to accumulate a borrower's funds for property taxes and insurance until the payments are due
What is an escrow account?
500
this organization has been given the job of determining the required financial accounting procedures to use when preparing financial reports
What is the FASB, or Financial Accounting Standards Board?
500
a statement in a loan contract that might require you to pay the entire balance of the loan if you miss a payment
What is an acceleration clause?
500
On average, ___ million new cars are sold in the US each year (an answer within 2 million of the exact answer will be accepted)
What is 14 million?
500
the smallest and least expensive type of apartment that includes the kitchen, bedroom and living space in one room with a separate bathroom
What is an efficiency apartment?
500
a deposit (that could become part of your down payment) that shows your serious intention to buy a home