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Bank on it
The FED
Finances
YO
Animals
100
Money that is not backed by reserves of another commodity; governments create fiat money by decree of the money’s worth.
What is fiat money
100
Planning investments and other transactions to match the money and other assets available to an individual over time to the ways in which they want to spend those assets, including personal consumption, charitable donations, support for family members, and gifts.
What is wealth management
100
A financial institution that accepts deposits and channels the money into lending activities; a business that provides financial services for profit. These services are provided for both the individual and commercial sector.
What is a bank
100
Beads of shells strung in strands and used by American Indians as money.
What is wampum
100
A loan to a company to finance a wide array of business purposes—from short-term inventory financing to long-term investments in equipment.
What is commercial loan
200
A nonprofit financial institution that is owned and operated entirely by its members. Provides financial services for their members, including savings and lending. To join, a person must ordinarily belong to a participating organization, such as a college alumni association or labor union.
What is credit union
200
An account in which money is kept in a bank or savings and loan for safekeeping. Money can be easily withdrawn by writing checks or using an ATM or debit card.
What is a checking account
200
A business that provides a consumer with goods in exchange for installment payments. A business rents items on the condition that the renter will own the item if the term of rent is finished. It often costs double the amount of a conventional purchase.
What is rent-to-own shop
200
The products and services offered by the finance industry that enable various financial transactions such as loans, insurance, credit cards, investment opportunities and advice, and money management. It is also a term for organizations that deal with the management of money.
What is financial services
200
Subject to fast, extreme changes in price or value.
What is Volatile.
300
A promissory note that has a set term and fixed rate of interest, usually issued by commercial banks and insured by the FDIC.
What is certificate of deposit (CD)
300
A company whose main business is holding securities of other companies purely for investment purposes. The company invests money on behalf of shareholders who in turn share in the profits and losses.
What is investment service company
300
A note for a certain amount of money issued by a bank or a company specializing in this type of transaction. They are a more trusted form of payment than a personal check because the funds must be prepaid for the amount shown.
What is money order
300
A company that offers small short-term loans secured by the borrower’s vehicle; usually has very high interest rates. The borrower generally keeps possession of the car but turns the title over to the lender as collateral. If the borrower is unable to repay the loan at maturity, the lender will often renew the loan while adding more charges; if the borrower is unable to pay, the lender will repossess the car.
What is auto title lender
300
Lending and borrowing that occurs directly between individuals without the participation of a traditional financial institution.
What is person-to-person lending
400
The strategy of pursuing an assortment of investments to minimize the effects of risk and volatility.
What is diversification
400
Companies that offer small cash advances that are intended to cover a borrower’s expenses until her next payday. Usually the loans are between $100 and $300 and are based on a two-week term. The interest rates typically range between 300% and 800% based on how long it takes the borrower to repay and how many times the note is extended.
What is payday lender
400
Investment contracts in which the investor exchanges a sum of money for a series of payments over time. Payments can include interest on the original sum plus income from investments. These contracts generally continue throughout the life of the owner. They are often purchased to provide retirement income and shift the responsibility for investing to an investment company.
What is annuities
400
Cards that behave like credit cards but that are prepaid. They are somewhat similar to debit cards in that in order to make purchases there needs to be enough money in the account that is attached to the card. Young adults without credit and individuals who have damaged their credit and are unable to qualify for regular credit cards.
What is prepaid card
400
This is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest. By dividing 72 by the annual rate of return, investors can get a rough estimate of how many years it will take for the initial investment to duplicate itself.
What is Rule of 72
500
a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. Along with coins, bank notes make up the cash forms of all modern money.
What is bank notes
500
A savings account that allows individuals to contribute a certain percentage of their yearly earnings to a personal retirement fund and put off paying taxes on the money until retirement. Individuals can place funds in bank accounts or in other investments such as stocks, bonds, and mutual funds
What is Individual Retirement Account (IRA)
500
A method of interest payment, calculated by adding the interest earned by the investment to the previously earned interest. Each time interest is added to your savings the next interest amount is compounded on the new balance
What is compound interest
500
An employer-sponsored retirement plan that allows a worker to save for retirement while deferring income taxes on the saved money and earnings until withdrawal.
What is a 401k
500
A mortgage loan based on how much of the home’s value is actually paid off, but is not intended to finance the purchase of the home.
What is home equity loan