Past Vocab
This misleading term allows the bank to cover purchases you cannot afford, giving you a fee to boot.
What is overdraft protection?
This type of loan is used to finance your new vehicle.
What is an auto loan?
Financial aid that you have to pay back with interest.
What is a student loan?
This type of Checking account has no monthly fees or minimum balance fees.
What are free checking accounts?
What is Payroll tax?
Venmo, Ca$hApp, PayPal, Zelle
What are P2P Payment Apps?
This type of loan is used to finance houses.
What is a mortgage?
This type of financial aid is free money, which you don't have to pay back, unless you flunk college.
What are pell grants?
This plastic item with numbers on it is used to take money directly from your checking account.
What is a debit card?
These two sets of numbers are what you need in order to get your tax refund via direct deposit. If you do the 1040 by hand, you need to write these under the "refund" section.
What are your account and routing numbers?
You can receive one of these on paper or digitally to tell you about your deposits and withdrawals over the course of a month (typically)
What is a Bank Statement?
The term that refers to how much you can use on your credit card each month.
What is your credit card limit?
Your status if you are working towards earning your first degree.
What is an undergraduate?
This type of account is what most people have to save. It has lower interests rates, but can be accessed whenever you need to, unlike other accounts.
What is a traditional savings account?
This tax is paid when you own the physical space for business or for those who own businesses.
What is corporate/property tax?
If a bank is a member of this organization, then your deposits are insured up to $250,000.
What is FDIC?
This credit score is generally considered to be "good."
What is around 700?
FAFSA
What is Free Application for Federal Student Aid?
It has a high fixed interest rate can be set for an interval of time (typically 3 months to 5 years)
What is a CD account?
This type of tax is paid when someone inherits money from deceased relatives (was mentioned in the Vox YouTube video)
What is an Estate tax?
General rules of thumb we use to make our purchases. Corporations play on this by throwing discounts, buy 1 get 1, and buy 1 get half off deals in from of us.
What is heuristics?
APR
What is Annual Percentage Rate?
SAP
Satisfactory Academic Progress
MMA
Money Market Account
This tax term refers to when you do not have to pay a certain tax.
What is exempt/exemption?