Consumer Skills
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who is on the hundred dollar bill
benjamin franklin
type of insurance that covers bills while you are disabled and/or cannot work
disability insurance
numerical representation of a person's credit history
credit score
when you set aside money in case of an emergency
emergency fund
a bond issued by a city or government agency
municipal bond
what does the IRS do
collect taxes
deductible
overdraft protection
money that is left over after mandatory expenses; budget surplus
discretionary income
what is it called when you have various kinds of investments
diversification
what is it called when the worth of money decreases due to the quantity of money increasing
inflation
what kind of insurance is required to drive in virginia
liability insurance
a savings account with a fixed interest rate and maturity date
Certificate of Deposit (CD)
next best alternative; what is given up when a choice is made
opportunity cost
what is a financial market that is experiencing a prolonged period of loss called
bear market
a sum of money that is borrowed and is expected to be paid back with interest
loan
homeowners/renters insurance
a member owned cooperative financial institution
credit union
an account that an employee uses to save for retirement
401k
a professionally managed pool of funds collected from many investors, and invested in various items
mutual fund
the degree of ease in which assets can be sold
liquidity
is term life insurance or whole life insurance more expensive
whole life insurance
the advantage of using a credit union over a traditional bank
lower interest rates on loans