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Cha. 10 Vocab
personal finance
Question | Answer |
---|---|
saving | collecting money for a certain purpose |
discretionary income | the money left over after you have paid your necessary expenses |
short-term needs | expenses beyond your regular monthly items |
long-term needs | expenses that are costly and require years of planning and saving |
loan consolidation | combining many loans into one large loan with one monthly payment |
principal | the total amount borrowed |
interest | earnings on principal |
compound interest | interest paid on the original plus accumulated interest |
APY | annual percent yield |
FDIC | Federal Deposit Insurance Corporation |
NCUA | National Credit Union Association |
share accounts | savings and checking accounts at credit unions |
stockbroker | a person who works for brokerage firms |
liquidity | a measure of how quickly ou can get your cash without loss of value |
maturity date | the date on which an investment becoems due for payment |
direct deposit | your net pay is deposited electronically into your bank account |