Insurance
Something, such as an expense, that can be deducted, as for income-tax purposes
What is a Deductable
Whatever you initially deposited or borrowed
What is Principle
A deposit account that generally earns higher interest than an interest-bearing checking account
What is Savings Account
Definition of Consumerism
What is "the protection of the rights and interests of the general pool of buyers and the obsession with buying material goods or items."
A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
What is a Credit Card?
The Prupose of Insurance
What is Transfer Risk
The straightforward crediting of cash flows associated with some investment or deposit.
What is Simple Interest
A sum of money placed or kept in a bank account, usually to gain interest.
What is Deposit
Someone who buys goods for consumption and not for resale
What is a Consumer
The journal that records all the checks, cash and cash outlay during an accounting period
What is Check Registry
Uninsured Motorist Coverage is a type of this Insurance
What is Auto Insurance
That the interest associated with a bank account, loan, or investment increases exponentially rather than over time.
What is Compound Interest
A financial institution that is licensed to accept checking and savings deposits and make loan.
What is a Bank
Benefits of Comparing Items
What is Better Deals and Prices
A printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
What is Bank Statment
The amount you pay for your health insurance every month
What is Insurance Premium
A = P x (1 + (rt))
What is Calculating Simple Interest
Challenge of Savings: The buying of goods without planning to do so in advance, as a result of a sudden whim or impulse.
Factors in economy cause its effects on output, employment, and inflation to change.
What is Keynesian Economics
Machine used to withdraw cash and make deposits
What is ATM
Makes sure that their families stay safe after they're gone. If you have a family that depends on your salary, then it is a smart choice to get this insurance.
What is Life Insurance
A = P x (1+(r/n))nt
What is Calculating Compound Interest
Challenge of Savings: The rate of increase in prices over a given period of time.
What is Inflation
3 Disadvantages of Consumerism
What is (possible answers)
-inflation
-over demand and overproduction
-debt
-economic weakness
3 Advantages of Consumerism
What is (possible answers)
- Reduces the need to carry large amounts of cash
- Convenience – useful for paying bills
- Spending Plan Tool
- Keeps a record of where money is spent
- Safety – using check/card is safer than carrying cash