A bank where consumers are customers; the most common type of bank
What is a retail bank?
100
The amount borrowed or the amount still owed on a loan, separate from interest.
What is principal?
100
Money earned for hours worked up to 40 hours per week; hourly rate x hours worked.
What is straight - time pay?
100
A promise to repay money to a person or company that loaned money to you.
What is credit?
100
An amount set aside every time you are paid to ensure your financial stability even when you are older and no longer work
What is a retirement account?
200
What is a kind of bank that operates almost entirely on the internet?
What is an online bank?
200
A quick method of calculating the fee charged on a loan: I = PRT
What is simple interest?
200
Straight time work plus an additional amount (often 1.5 or 2 times the hourly wage) for any hours worked over 40 hours per week.
What is overtime pay?
200
A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services through a short-term loan from the lender.
What is a credit card?
200
An amount set aside into a savings account to pay for sudden expenditures like a job loss, illness, or major expense.
What is an emergency account?
300
A not-for-profit institution that is similar to a retail bank.
What is a credit union?
300
The amount borrowed or the amount still owed on a loan, separate from interest; a synonym for principal.
What is a balance?
300
Being paid for what is produced: rate per item times number of items
What is piecework?
300
A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
What is a debit card?
300
An estimate of income and expenditure for a set period of time.
What is a budget?
400
What is a bank that focuses on business customers, offering services like business financing.
What is a commercial bank?
400
Interest added to the principal of a deposit or loan so that the added interest also earns interest from then on.
What is compound interest?
400
Income earned without regard to hours worked. Some overtime might be expected to earn this annual amount.
What is salary?
400
A three digit number calculated from your data-rich credit report and is one factor used by lenders to determine your creditworthiness for a mortgage, loan or credit card
What is a credit score?
400
An unplanned decision to buy a product or service, made just before a purchase.
What is an impulse buy?
500
Bank created by congress in 1913 to manage the country’s monetary system
What is a central bank?
500
Annual percentage rate: yearly cost of amount financed
What is APR?
500
A sum of money that is paid to an employee upon completion of a task, usually selling a certain amount of goods or services
What is commission?
500
A report that contains your credit history and your credit score as reported to the credit reporting agency by lenders who have extended credit to you.
What is a credit report?
500
A target, usually driven by a specific future financial need. This can be short-term, medium-term, or long-term. Many people set targets to save money so they can earn interest on what they invest.