| Question |
Answer |
| Financial Institution | An organizations that collects funds from the public to place in financial assets such as stocks, bonds, money markets, bank deposits, or loans |
| ATM Card | A card that allows basic financial services from an automated teller machine. |
| Debit card | A card that looks like a credit card, but operates like cash; money is immediately subtracted from the user's bank account. |
| Debit | An amount deducted from a bank account. |
| Credit | Financial trust extended to a person or business by a lender; a loan. |
| Credit Card | A card authorizing the holder to buy goods or services. |
| Interest | Payment for the cost of using someone else's money, usually expressed as an annual percentage rate. |
| Opportunity Cost | The next best alternative given up when making a choice. |
| Savings account | Interest-bearing financial institution accounts where people put money aside for future use. |
| Invest | To commit money in order to gain profit or interest. |
| Stock | A share of a corporation sold to the public. |
| Simple Interest | Interest that is paid on the amount deposited. |
| Compound Interest | Interest that is paid on the amount deposited and the interest earned. |
| With a Credit Card you, | buy now, pay later. |
| With a Debit Card you, | buy now, pay now. |
| One disadvantage of using credit is | it allows for impulse spending. |
| Three variables that affect saving money are | amount, interest, and time. |
| Bonds | A bond is an IOU, a record of the loan, and the terms of repayment. |
| Mutual Funds | An investment company that pools money from shareholders to buy varied stocks and bonds. |
| Futures | Obligations to buy or sell a specific commodity, such as corn, gold, or Treasury bonds on a specific day for a preset price. |
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