Income
An amount of money paid over the course of a year to an employee in exchange for their labor
an account that checks can be written from, does not typically earn interest, ATM/Debit card is typically attached to this type of account.
Checking
Someone that takes shared responsibility for a loan, if one stops paying the other must pay. Typically used when one person is young and is still establishing credit
Cosigner
The lowest payment you can pay on a loan or credit card for the month without being penalized
Minimum Payment
A market where the price of securities is falling
Bear Market
An amount of money you can subtract from your Adjusted Gross Income, just for having dependents
Exemption/Allowance
A type of financial institution, non profit, higher interest rates for savings accounts, lower for loans, has membership requirements
Credit Union
Protection purchased that protects your vehicle, yourself and other drivers in the event of an accident or other damage to the vehicle
Car/Auto Insurance
A short term loan that you can get until payday, these loans have high interest rates and finance charges. Not really a good deal for you.
Payday Loan
A certificate representing a loan of money to a company or government, bought by a consumer to be paid back after a period of time
Bond
Taxes used to finance things like the military, CIA, FBI, Congress, National Parks. Done by taxing income, W-4 form tells how much money to withhold.
Federal Taxes
The organization that insures all bank deposits up to $250,000 per account. Not all accounts are covered, but most basic ones are-savings, checking, CDs.
FDIC
The group you are assigned by an insurance company based on several factors including gender, age, history of claims, driving record
Assigned Risk Pool
This is an interest rate that can change while you have a loan, changing what you pay each month. Home loans (Mortgages) and Credit Cards could be like this.
Variable Interest Rate
A collection of investments held by a company or individual
Portfolio
Taxes used to finance the county/city/town budget, examples would be local police, fire and ems, local parks, public education. Paid for with property taxes and meals tax.
Local Taxes
The ability to turn assets into cash.
Liquidity
A formal request to your insurance company asking for payment.
Claim
An interest rate that is limited in time, such as 6 months, that serves as an enticement for someone to open a credit card/take out a loan. Sometimes called Introductory rate
Promotional Rate
The process of putting money in a financial investment with the intent to make a profit.
Investing
Monies returned in individuals if they overpaid their taxes
Tax Return
An independent organization that has several functions: regulate the amount of money in circulation, clear checks deposited at banks and credit unions, and acts as a bank for banks lending money and storing extra paper and coins.
Federal Reserve
When you do not pay on a loan and an item like a car is taken back by the bank. Hurts your credit score
Repossession
This is extra time given to you after a payment is due (due date) but before a late fee or penalty is imposed.
Grace Period
A distribution of a company's earnings to shareholders
Dividends