Bank
a specialized computer that allows you to complete bank transactions without the need to see a bank representative
What is an ATM?
generally operates as a substitute for cash or a check and most often provides an unsecured revolving line of credit
What is a credit card?
a financial liability or obligation owed by one person, the debtor, to another, the creditor
What is debt?
the difference between the cost of attendance and the expected family contribution
What is a need?
an estimate of income and expenditure for a set period of time
What is a budget?
placing money into the care of a bank or other financial institute
What is a deposit?
the ability to borrow money with the promise that you'll repay it in the future, often with interest
What is credit?
an expense in your budget that you can expect to stay the same, or close to it, over time
What is a fixed expense?
equity ownership in a corporation or financial asset, owned by investors who exchange capital in return for these units
What is sharing?
an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest
What is a mortgage?
an increase of value over time
What is appreciation?
an item of value that a lender can seize from a borrower if they fail to repay a loan according to the agreed terms
What is collateral?
removing funds from a bank account, savings plan, pension, or trust
What is a withdrawal?
a security that represents the ownership of a fraction of the issuing corporation
What is a stock?
mandatory contributions levied on individuals or corporations by a government entity
What are taxes?
anything that has current or future economic value to a business
What is an asset?
the maximum amount of money a lender will allow you to spend on a credit card or a line of credit
What is a credit limit?
when money is given to another party in exchange for repayment of the loan principal amount plus interest
What is a loan?
expenses that help you live more comfortably
What is a want?
compensation paid to employees in exchange for their time and labor
What are wages?
an asset or item acquired with the goal of generating income or appreciation
What is an investment?
a prediction of your credit behavior, such as how likely you are to pay back a loan on time, based on information from your credit reports
What is a credit score?
a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations
What is bankruptcy?
a payment card that deducts money directly from a consumer's checking account when it is used
What is a debit card?
the money that a person or entity receives in exchange for their labor or products; the amount of money, property, and other item of value received over a set period of time in exchange for services or products
What is an income?