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Managing Personal Fi

Succeeding in Life & Career - Ch 17 Vocabulary

TermDefinition
direct deposit A method of transferring money into an account through electronic means.
endorse Signing the back, left end of a check before cashing or depositing it.
account statement A monthly, bimonthly, or quarterly summary of a checking account.
reconciling The process of comparing the account statement to your check stubs or register to make sure they match.
overdraft A check written when there is not enough money in a checking account to cover it.
liquidity The degree to which a person will be able to get cash quickly from a savings account or financial investment.
certificate of deposit A type of savings account that pays a set rate of interest on money that is deposited for a set period of time.
will A legal document describing how a person intends for property to be distributed after his or her death.
mutual fund A group of many investments purchased by a company representing many investors.
diversified Term to describe money invested in many different stocks and bonds, so decreases in some are offset by increases in others.
portfolio A group of securities purchased by a mutual fund for an investor.
bond A certificate that represents a promise by a company or government to repay a loan on a given date.
dividend A distribution of a company’s profits to a stockholder.
stock A certificate that represents ownership of a small portion of a company.
securities Proof of debt or ownership of a company or government, often in the form of stocks or bonds.
estate What a person leaves behind when he or she dies.
credit An arrangement that allows consumers to buy goods or services now and pay for them later.
creditors A person who gives credit to consumers and to whom debts are owed.
collateral Something of value a person owns that he or she pledges to a creditor as security for a loan.
credit rating A creditor’s evaluation of a person’s ability to repay debts.
finance charges The total amount a borrower must pay a creditor for the use of credit. These charges include interest, service charges, and any other fees.
interest The price a borrower pays a creditor for the use of money over a period of time.
annual percentage rate (APR) The actual percentage rate of interest paid for an entire year.
credit contract A legally binding agreement between creditor and borrower that details the terms of repayment.
policy An insurance contract.
policyholder A person who has an insurance policy.
premium A regular payment made for an insurance policy.
beneficiary A person who receives the death benefit of a life insurance policy.
cash value The amount a policyholder can collect if he or she decides to give up a whole-life insurance policy.
loan value The amount a policyholder can borrow from an insurance company using the cash value of a whole life insurance policy as collateral.
deductible An amount that a policyholder must pay before his or her insurance company will pay on a claim.
coinsurance An insurance policy provision that requires the policyholder to pay a certain percentage of medical costs.
co-payment A fixed fee paid by a policyholder for certain insured items or services.
health maintenance organization (HMO) A group of medical professionals and facilities that provides health care services to members.
preferred provider organization (PPO) A group of doctors and medical facilities that contract to provide services at reduced rates.
cashier's check A check drawn on a financial institution’s own funds and signed by an officer of the institution.
certified check A check drawn on a financial institution’s own funds and signed by an officer of the institution.
Created by: jenselau000
Popular Family and Consumer sets

 



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