Early Conversations
Paper Money, Coins, Cash...
Currency
The price of using someone else's money
Interest
Perceived benefits that encourage specific behaviors, like reward points or cash back, are known as
Incentives
If a debit card is lost and the bank is notified within two business days, what is the maximum liability for unauthorized charges?
$50
the potential benefit, profit, or value lost when choosing one alternative over another
Opportunity Cost
The original amount of money borrowed on which interest is charged is the
Principal
The application of financial knowledge and skills to everyday life situations.
Financial Literacy
Credit Cards an example of what kind of loan?
Unsecured loan.
What is a major consequence of only making the minimum payment on a credit card balance each month?
You will pay significantly more in total interest over a longer period
Unlike credit cards, purchases made with a debit card are:
Deducted from a bank account balance immediately
Property required by a lender and offered by a borrower as a guarantee of payment is called:
Collateral
the amount earned before deductions
Gross Pay
The ability to obtain goods or services before payment, based on an agreement to pay later
Credit
A type of loan not backed by collateral
Double Jeopardy: If Credit Cards are an example of this. What is the consequence?
Unsecured loan
DJ: Higher interest rate.
An account held at a bank or credit union into which owners deposit and withdraw funds
If a cardholder has NOT opted into an overdraft service, what happens if they try to spend more than their balance?
The transaction is declined at the point-of-purchase
The legal right to take or sell property as security for a debt
Lien
the take-home amount after deductions
Net Pay
APR
Annual Percentage Rates
Why do unsecured loans, such as credit cards, typically have higher interest rates?
The lender has no guarantee of property (collateral) if the debt is not repaid
When an account holder does not have enough money to cover a transaction
personal, chronological record used to track all checking account transactions, including checks, deposits, debit card purchases, ATM withdrawals, and bank fees.
Bank account register
What Factors are taken into consideration to determine a car price? Double Jeopardy: Can you name all 3?
Interest Rate
Length of Contract
Size of Down Payment
The amount of money a person has available to save or spend after deductions
Disposable Income
What percentage of students could answer Financial Literacy questions in 2008?
Limits on fees and rate increases, and consistency in payment dates are requirements given for which law.
Credit Card Act of 2009
An online payment deducted from an account balance on a recurring basis
Automatic Electronic Transfer
Your Car Payment should not exceed how much of your Net Income?
according to which law are creditors required to disclose information about the cost of credit, including the APR and finance charge.
Truth in Lending Act
What kind of tax is imposed to fund Social Security?
Payroll Tax