Cash & Savings
This type of account allows easy access to funds and is ideal for paying bills.
What is a checking account?
This score ranges from 300–850 and shows how likely you are to repay debt.
What is a credit score?
This happens as soon as you buy a car and drive it off the lot.
What is depreciation?
The original amount of the loan.
What is the principal?
This type of credit allows you to borrow up to a set limit, pay it back, and borrow again.
What is revolving credit?
This high-interest savings product has a fixed term and penalizes early withdrawals.
What is a Certificate of Deposit (CD)?
These banks accept deposits and offer loans.
What are depository institutions?
A financial product that helps finance home purchases.
What is a mortgage?
This is the cost of borrowing money, typically expressed as a percentage.
What is interest?
This is a major disadvantage of carrying a balance on your credit card.
What is interest charges?
This type of bond adjusts its interest rate based on inflation.
What is a savings bond?
The upfront cost when purchasing a home.
What is a down payment?
Refers to the full yearly cost of borrowing, including interest and fees.
What is the annual percentage rate (APR)?
These cards offer benefits like cashback, travel miles, or discounts.
What are credit card rewards?
This is the process of managing cash to meet short-term needs and invest for the future.
What is cash management?
This will happen if you do not pay your credit card off after a certain period of time (depends on your bank).
What is lowering credit score?
A fee that can cost up to 20% of the house price when buying a home.
What is a closing fee?
The loan most of us will take out in the near future.
What is a student loan?
This type of fraud occurs when someone uses your card information without permission.
What is credit card fraud?
The organization that insures deposits up to $250,000.
What is the FDIC?
This type of banking lets you pay bills and transfer funds without going to a branch.
What is electronic banking?
This loan type is backed by the government and helps first-time buyers.
What is a FHA loan?
Two different loan types. One stays constant, the other varies.
What are fixed-rate and adjustable-rate mortgages?
The card Mr. Berch would rather use.
What is a CREDIT card?