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VOCABULARY
RETIREMENT PLANS
CREDIT
FINANCIAL LITERACY BASICS
BANKING
100
This is a binding agreement between two people.
What is CREDIT?
100
This is the period of life after ending a working or professional career.
WHAT IS RETIREMENT?
100
Character , capacity , and capital.
WHAT ARE THE THREE C’S?
100
Something you would like to have but can do without is called a want.
WHAT IS SOMETHING YOU WOULD LIKE TO HAVE BUT CAN DO WITHOUT?
100
A community bank is a type of Commercial bank
WHAT TYPE OF BANK IS A COMMUNITY BANK?
200
A ________ _____ is a strategy for using money to reach important goals and to advance a person’s financial security.
What is A SAVINGS PLAN?
200
An person who is appointed to carry out outlined terms in a will.
WHO IS AN EXECUTOR
200
An installment loan is considered to be a closed-end credit.
AN INSTALLMENT LOAN IS CONSIDERED TO BE WHAT TYPE OF CREDIT?
200
The possession of a body of knowledge, a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible financial choices is financial literacy.
WHAT’S THE POSSESSION OF A BODY OF KNOWLEDGE, A SET OF BASIC SKILLS, AND THE ABILITY TO APPLY KNOWLEDGE AND SKILLS TO MAKING INFORMED, RESPONSIBLE FINANCIAL CHOICES CALLED?
200
A customer's deposits in a bank account that is insured by the FDIC are guaranteed for up to 250,000.
A CUSTOMER’S DEPOSITS IN A BANK ACCOUNT THAT IS INSURED BY THE FDIC ARE GUARANTEED FOR UP TO WHAT AMOUNT?
300
This is determining when money set aside in a retirement plan belongs to an employee.
What is VESTING?
300
These aspects are health care, housing, and living expenses.
WHAT ARE THE ASPECTS OF A PERSON’S FINANCIAL SITUATION THAT SHOULD BE CONSIDERED WHEN EARNING STOPS AND RETIREMENT STARTS?
300
Credit granted to individual consumers by retail businesses consumer credit.
WHAT IS CREDIT GRANTED TO INDIVIDUAL CONSUMERS BY BUSINESSES?
300
The value of the option you give up when you make a choice is the opportunity cost.
WHAT IS THE VALUE OF THE OPTION YOU GIVE UP WHEN YOU MAKE A CHOICE CALLED?
300
A certified check is a personal type of check that the bank guarantees.
WHAT IS A CERTIFIED CHECK?
400
_________ ______ (disposable income,) is the money that remains after a person has paid all of his or her expenses.
What is DISCRETIONARY INCOME?
400
A contract with an insurance company that provides regular income for a set period of time is called annuity.
WHAT IS A CONTRACT WITH AN INSURANCE COMPANY THAT PROVIDES REGULAR INCOME FOR A SET PERIOD OF TIME?
400
Three common types of credit cards are general-purpose cards, store credit cards, and travel and entertainment cards.
WHAT ARE THREE COMMON TYPES OF CREDIT CARDS?
400
The beliefs, behaviors, and other characteristics common among members of a group or society are called culture.
WHAT ARE THE BELIEFS, BEHAVIORS, AND OTHER CHARACTERISTICS COMMON AMONG MEMBERS OF A GROUP OR SOCIETY CALLED?
400
A postdated check is written with a future date.
WHAT IS A POSTDATED CHECK?
500
These are the moral principles or beliefs that direct a person’s behavior.
WHAT ARE ETHICS?
500
An employer-sponsored retirement plan that allows an individual to deposit part of his or her earnings into a tax-deferred investment is a 401(k) plan.
WHAT IS AN EMPLOYER-SPONSORED RETIREMENT PLAN THAT ALLOWS AN INDIVIDUAL TO DEPOSIT PART OF HIS OR HER EARNINGS INTO A TAX-DEFERRED INVESTMENT?
500
Payday loans are easy-access credit traps.
WHAT’S AN EASY-ACCESS CREDIT TRAP?
500
An Individual who purchases goods and services for his or her own use.
WHAT’S A CONSUMER?
500
A special endorsement is used to transfer a check to another party rather than cashing or depositing it.
WHAT TYPE OF ENDORSEMENT IS USED TO TRANSFER A CHECK TO ANOTHER PARTY RATHER THAN CASHING OR DEPOSITING IT?