Investing
the rate at which the price of goods increases and consumer purchasing power decreases over time
What is Inflation?
the percentage you pay each time you receive medical treatment, after you’ve paid your deductible
What is Coinsurance?
The cost you pay each year to borrow money, including fees, expressed as a percentage
what is APR?
The amount of money you have in your bank account
What is a Balance?
Money that is received from work, investments, business, etc.
What is an Income?
The process of setting money aside to increase wealth over time for long-term financial goals such a as retirement
what is investing?
The formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy
What is a Claim?
the yearly fee that may be charged for having a specific credit card, independent of how you use the card
What is Annual Fee?
Automatic Teller Machine. Allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.
What is an ATM?
Money set aside for unanticipated expenses or loss of income
What is an emergency fund?
The second largest stock exchange in the world behind the NYSE
what is Nasdaq
the fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription
What is Copay?
A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest
What is a Credit Card?
The amount of money you have in your bank account
What is a Balance?
A plan of your expected income and how you will use it to meet your expected expenses over a period of time
What is a budget?
the maximum amount an insurance company will pay if you file a claim
what is coverage limit
Something valuable that the lender can take as payment if you can't or don't repay your secured loan
What is Collateral?
A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time
Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions
What is a deduction?
The world's largest stock exchange, physically located in New York City
What is NYSE
Auto insurance that protects you against costs to repair or replace your vehicle after events out of your control such as weather, vandalism, theft, etc
What is Comprehensive Coverage
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
What is a Cosigner?
A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee
What is a check?
A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money
What is Pay Yourself First?