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AR Unit 1-3

Arkansas Intro to Finance EOC review

QuestionAnswer
Adjusted gross income the result of adjustments subtracted from gross income
Assets items of value that a person owns
Benefits company-provided supplements to salaries, such as sick pay, vacation time, and health insurance
Budget a spending and saving plan based on your expected income and expenses
Canceled check a check that bears the bank's stamp, indicating it has cleared
Check a written order to a bank to pay the stated amount to the person or business (payee) named on it
Checkbook register a booklet used to record checking account transactions
Deductions amounts subtracted from gross pay
Disposable income the money left to spend or save after taxes have been paid
Endorsement a written amendment to an insurance policy
Exemption an amount you may subtract from your income for each person who depends on your income to live
Financial plan a set of goals for spending, saving, and investing the money you earn
Fixed expenses costs you are obligated to pay at specific times, regardless of other events
Gross income all taxable income received, including wages, tips, salaries, interest, dividends, unemployment
Gross pay the total amount you earn before any deductions are subtracted
Incentive pay money offered to encourage employees to strive for higher levels of performance
Liabilities amounts of money owed to others
Net pay the amount left after all deductions have been taken out of your gross pay
Overdraft a check written for more money than your account contains
Overtime the time worked beyond the regular hours; usually more than 40 hours in a five-day period
Reconciliation the process of matching your checkbook register with the bank statement
Revenue money collected by the government from residents and businesses in the form of taxes
Standard deduction a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions
Taxable income the income on which you pay tax
Tax brackets income ranges to which tax rates apply
Tax credit an amount subtracted directly from the tax owed
Tax evasion willful failure to pay taxes
Variable expense costs that vary in amount and type, depending on events and the choices you make
Annual percentage rate (APR) the cost of credit expressed as a yearly percentage
Bankruptcy a legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay
Capacity the ability to repay a loan with present income
Capital property possessed that is worth more than debts owed
Character a responsible attitude toward living up to agreements
Closed-ended credit a loan for a specific amount that must be repaid in full, including all finance charges, by a stated due date
Collateral property pledged to a creditor to assure repayment of a loan
Comparison shopping a shopping method that enables consumers to determine whether they are getting the best quality for the price
Consumer advocate a person who actively promotes consumer causes
Co-signer a person who promises in writing to repay a promissory note if the maker fails to pay
Credit money borrowed to buy something now with an agreement to pay for it later
Credit bureau a company that gathers, stores, and sells credit information to business subscribers
Credit history the complete record of your borrowing and repayment performance
Credit rating a measure of credit-worthiness based on an analysis of a consumer's financial history
Credit report a written statement of a consumer's credit history issued by a credit bureau to its business subscribers
Debtor a person who owes money to others
Discharged debts debts erased by the court during bankruptcy proceedings
Discrimination treating people differently based on prejudice rather than individual merit
Down payment a part of the purchase price paid in cash up front, reducing the amount of a loan
Finance charge the total dollar amount of all interest and fees you pay for the use of credit
Finance companies small loan companies that usually charge high interest rates
Fixed-rate loans loans for which the interest rate does not change (up or down) over the life of the loan
Fraud the intentional misrepresentation of information with the intent to deceive or mislead
Garnishment a legal process that allows part of your paycheck to be withheld for payment of a debt
Interest rate the percentage charged for the use of money
Line of credit a pre-established amount that can be borrowed on demand with no collateral
Needs ingredients necessary for maintaining physical life
Open-ended credit an agreement to lend the borrower an amount up to a stated limit and to allow borrowing up to that limit again whenever the balance falls below the limit
Opportunity cost the value of your next best alternative whenever you make a choice
Prime rate the interest rate lenders offer to their best business customers
Principal the amount borrowed, or the unpaid portion of the amount borrowed, on which the borrower pays interest
Service credit an agreement to have a service performed now and pay for it later
Simple interest interest computed on the amount borrowed only without compounding
Statement an itemized bill showing charges, credit, and payments posted to your account during the billing period
Time the length of time the borrower will take to repay a loan; expressed as a fraction of a year
20/10 rule your total borrowing should not exceed 20 percent of your yearly take-home pay, and you should not take on monthly payments that total more than 10 percent of your monthly take-home pay
Unsecured debt a loan that is not backed by pledged assets
Unused credit the remaining credit available to you; calculated as your credit limit minus the amount you have already spent
Values the ideals in life that are important to you and affect your decision making
Adjustable-rate mortgage (ARM) a mortgage for which the interest rate changes in response to the movement of interest rates in the economyas a whole
Annuity a contract sold by an insurance company that provides an investor with a series of regular payments, usually after retirement
Bonds debt obligations of corporations or state or local governments
Capital gain an increase in the value of stock above the price initially paid for it
Collision coverage automobile insurance that protects your own car against damage from accidents or vehicle overturning
Deed a document that transfers title of real property from one party to another
Depreciation in real estate, the decline in value of property due to normal wear and tear
Disability insurance an insurance plan that makes regular payments to replace income lost when illness or injury prevents the insured from working
Dividends the part of the corporation's profits paid to stockholders
Equity the difference between the market value of property and the amount owed on it
Estate all that a person owns, less debts owed, at the time of the person's death
Estate planning preparing a plan for transferring property during one's lifetime and at one's death
Fixed-rate mortgage a mortgage on which the interest rate does not change during the term of the loan
Futures contracts to buy and sell commodities or stocks for a specified price on a specified date in the future
Homeowner's policy insurance that protects property owners from property and liability risks
Individual retirement account (IRA) a retirement savings plan that allows individuals to set aside money in tax-deferred savings up to a limit set by the government
Inflation a rise in the general level of prices
Insurance a method of spreading individual risk among a large group of people to make losses more affordable for all
Insurer a business that agrees to pay the cost of potential future losses in exchange for regular fee payments
Interest money paid for the use of money; earnings on a savings account
Investing the use of savings to earn a financial return
Landlord the owner of rental property
Lease a written agreement that allows a tenant to use property for a specified time period and rent
Liability coverage insurance to protect against claims for bodily injury to another person or damage to another person' s property
Lien a financial claim on property
Life insurance insurance that provides funds to the beneficiaries when the insured dies
Market value the price for which a stock is bought and sold in the marketplace
Money market account a combination savings-investment plan in which money deposited is used to purchase safe, liquid securities
Mortgage a loan to purchase real estate
Mutual fund a large, professionally managed group of investments
Personal risk chances of loss involving income and standard of living
Policy a written insurance contract
Policyholder the person who owns an insurance policy
Power of attorney a legal document authorizing someone to act on your behalf
Principal the amount of money deposited by a saver
Property risk the chances of loss or harm to personal or real property
Real estate land and any buildings on it
Renter's policy insurance that protects renters from property and liability risks
Risk management an organized strategy for controlling financial loss from pure risks
Securities stocks and bonds issued by corporations or the government
Security deposit a refundable amount paid in advance to protect the owner against damage or nonpayment
Stockbroker an employee of a brokerage firm who buys and sells securities for investors
Stockholders shareholders; owners of a corporation
Tenant the person who rents property from a landlord
Title a legal document that establishes ownership
Vehicle Identification Number (VIN) a unique number that identifies an automobile
Created by: karenhaley on 2011-12-04



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