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Fin Lit MIdterm
Term | Definition |
---|---|
Alternative Dispute Resolution (ADR) | A method of settling a dispute using a neutral third party |
credit card fraud | Intentionally using someone's credit account to steal money or goods |
Credit Repair | A scam in which a company claims to be able to "fix" your poor credit record and give you a clean credit history |
Truth-in-Lending Act | A law requiring lenders to fully inform consumers about the cost of credit in a loan or credit agreement |
Job Market | refers to the job openings that are available when you are ready to go to work. |
Skill Set | The unique skills and abilities that you bring to the job market. |
Hard Skills | measurable physical and mental abilities that allow you to complete a job. |
Soft Skills | nontechnical skills needed by most workers for success on the job. |
Job Description | Describes what a job would be like, including the tasks performed and the skills needed. |
On-The-Job Training | Learning as you do the work |
Self-Training | Learning new skills from reading and practicing on your own. |
Master's degree | A graduate degree. Usually require one to three years of additional study. The time needed depends on your background and the type of degree. |
Doctorate Degree | Requires three to seven years of study beyond a master's degree in the same field. The course requires research Some programs require internships or have residency requirements. |
Work | Study Programs |
Unsubsidized Student Loan | Interest is charged from the time the loan is made. |
Recession | Jobs are being lost, production is slowing, and people are pessimistic . |
Trough | The bottom; the economy is at a standstill |
Associate Degree | Commonly earned at community colleges after two years of study. |
Low | When supply is high and demand is low = prices ? |
high | When supply is low and demand is high = prices ? |
consumer optimistic, employers hiring/full employment & low unemployment | Three characteristics of economic expansion |
consumer pessimistic, employers laying off & high unemployment | Three characteristics of economic contraction |
Benefits | forms of pay other than salary or wages |
Economy | Refers to all of the activities related to making and distributing goods and services in a geographic area or country. |
Market Economy | Based on the laws of supply and demand. |
Business Cycle | The alternating periods of growth and decline in the economy, which may be displayed graphically. |
Tuition | The expense paid by students for the instruction at a school. |
Financial Aid | Money you receive from some outside source to help pay for education. |
Grant | Money given to pay for educational expenses that does not have to be repaid. |
Scholarship | A gift of money or other aid awarded to a student to help pay for education. |
Job Application | A form that asks you basic questions about your background, such as your work history, education, skills, and references. |
Demand | Willingness and ability to buy goods and services. |
Supply | The quantity of goods and services that producers are willing to provide. |
Economist | Studies the economy. |
Economics | Study of how choices are made by individuals and society. |
Subsidized Student Loan | A loan on which interest is not charged until after you graduate. |
Cooperative Work Experience | Where students attend class part of the day and then go to a job that provides supervised work. |
Commission | a set fee of percentage of a sale paid to an employee instead of or in addition to salary or wages |
Disposable Income | money available to spend or save after taxes have been paid |
Dividend | portion of a corporation's profits distributed to stockholders |
Entrepreneur | a person who takes the risks of being self |
Excise Tax | tax charged on the purchase of specific goods and services; tobacco, alcohol, firearms |
Income Tax | tax based on how much you earn |
Minimum Wage | the lowest pay rate allowed by law for each regular hour of work |
Overtime Pay | pay received for hours working in addition to regular hours |
Profit | amount left after all expenses are deducted from the revenues or sales of the business |
Sick Leave, paid vacation, holidays & personal days | examples of pay without work |
Tax | required payment for the support of a government |
Tip | gift of money, often a percentage of the total bill, to a person for performing a service |
Transfer Payments | money and benefits received from local, state, or federal governments |
Unearned Income | money received from sources other than working |
Interest | money earned on savings accounts and other funds |
Sales Tax | taxes levied on consumer purchases of goods and services; buying a refrigerator |
Property Tax | wealth taxes based on the assessed value of owned real estate |
Gross Pay | total salary or wages earned during the pay period |
Net Pay | the amount of your pay |
Use Tax | tax on certain goods or services provided by the government; tolls |
Workers' Compensation | an insurance plan that pays medical and disability benefits to workers injured on the job |
federal income tax, social security & medicare | Three standard deductions from gross pay |
Salary | stated as a yearly rate of pay; no overtime or timecard |
1.5 times regular wages | minimum rate of pay for overtime |
W4 | Form completed (B4) before you start a job. You indicate the number of exemptions you are claiming |
W2 | Reports all income and taxes a person earns, receives and pays |
1040 | Tax Form used to file taxes |
Wages | Employees pay is based on hourly rate and number of hours worked |
40 hour work week/8 hours a day | What is a standard work week |
access checks | checks provided by a credit card company that allow you to borrow against your credit card account |
balance transfer | moving a balance from one credit card account to another |
buying plan | an organized method for making good buying decisions |
cancellation fee | a penalty for closing your account prior to a stated period |
charge card | a form of credit card where the balance must be paid in full each month, membership fee, no spending limit |
collateral | property used as security for a loan |
consumer loan | a direct loan of cash made to a consumer at a fixed interest rate for a set period of time |
credit | the ability to borrow money and pay it back later |
credit card | plastic card linked to a credit account that can be used to make purchases, spending limit, requires min payment/month, interest if balance not paid |
criteria | standards or rules by which something is judged |
easy access credit | types of credit that can be obtained quickly and easily but often come with high and hidden costs |
extended warranty | additional coverage that you can buy to pay for repairs or replacements needed beyond the original warranty period |
financial irresponsibility | failing to live up to your financial obligations to meet your goals and needs |
financial responsibility | being able to meet your financial goals through planned earning, spending, and saving |
financing options | ways you can pay for an item other than with cash |
fixed interest rate | interest rate that does not change from month to month |
installment credit | credit used to finance a single high-priced item through a series of equal payments made over a set period of time |
introductory rate | a low temporary interest rate offered when you open a new account |
line of credit | a preapproved loan amount that a debtor can borrow against, pay back, and borrow again as needed |
minimum payment | the amount you are required to pay each month on a credit account |
over-the-limit fee | a penalty charged when you exceed your approved credit limit |
penalty | a fee charged for violating a term of the credit agreement |
revolving credit | an account on which the account holder can charge repeatedly up to a maximum limit |
service credit | the ability to receive services and pay for them later |
spending limit | the maximum amount you are willing to pay for an item rebate a refund of part of the purchase price of an item |
store account | a credit account that allows you to charge items or services only at that store or with that merchant |
systematic decision making | the process of making choices that reflect goals by considering all the pros and cons along with the costs |
variable interest rate | interest rate a lender can change at any time without notice |
debitor | borrower |
creditor | lender |
benefits of credit | Convenient, rewards, "extra" money, automatic receipts of transactions, purchase disputes |
cost of credit | Interest: cost of using someone else's money; Finance charges: when you keep a balance from month to month |
adjusted balance method | Prior month's balance, plus charges minus payment |
previous balance method | Uses last month's balance, no new charges included |
Average daily balance method | Most popular, Adjusts the balance daily, Previous day plus charges, minus payments, daily Averages each of those balances, and Computes interest on the average |
cash advance fee | Using your credit card to take out cash at ATM |
Bankruptcy | A legal procedure to relieve a person of excessive debt, on credit report for 10 years |
Bankruptcy Fraud | The abuse of bankruptcy laws in a way that favors the debtor and defrauds the creditors. |
Chapter 11 Bankruptcy | Reorganization of debt as decided by the court so that a business can remain viable. |
Chapter 13 Bankruptcy | A repayment plan for debt for individuals. |
Chapter 7 Bankruptcy | The forfeiture of an individual's assets in exchange for the discharge of debts. |
Credit Card Act of 2009 | A comprehensive reform of credit card law to establish fair practices related to credit |
Credit Card Fraud | Intentionally using someone's credit account to steal money or goods. |
Credit Counseling | A service to help consumers manage credit and avoid bankruptcy. |
Credit Delinquency | Failure to pay debts as required by agreement or by law. |
Credit Protection Service | A plan that provides credit monitoring for a fee. |
Credit Repair Scam | A scam in which a company claims to be able to "fix" your poor credit record and give you a clean credit history. |
Debt Consolidation | The process of getting one loan with a single monthly payment to pay off all of your debts. |
Discharge | A court order that pardons the debtor from having to pay debts. |
Dispute Letter | A letter written to inform a credit company of an incorrect charge on your account. |
Disputing a Charge | The process of informing a credit company of an error on your bill. |
Documentation | Records that support your claim. |
Equal Credit Opportunity Act | A law that protects consumers from discrimination in the granting or denying of credit. |
Equity Loan | A second mortgage or debt secured with the equity in your home. |
Exemption | Property that a debtor in bankruptcy does not have to forfeit to pay off creditors. |
Fair Credit Billing Act | A law that sets requirements for resolving billing disputes. |
Fair Credit Reporting Act | A law that grants you the right to know what is in your credit file. |
Fair Debt Collection Practices Act | A law that protects consumers from abusive practices by creditors and collection agencies. |
Foreclosure | The legal process of taking possession of a house or property when a borrower does not make mortgage payments as agreed. |
Garnishment | A legal process that allows part of an employee's paycheck to be withheld for payment of a debt. |
Loan Modification | A new loan arrangement that allows you to make reduced payments, usually on a temporary basis. |
Repossession | The act of taking an asset used a collateral and selling it to pay the debt. |
Simple Interest Formula | Principal X Rate X Time |
Compound interest Formula | Principal (1 + r/n)^y*n |
Identity theft | Someone using your personal information to commit fraud Theft of SSN |
Negotiation | dialogue between two or more people or parties intended to reach a mutually beneficial outcome |
Mediation | form of alternative dispute resolution (ADR), a non |
Arbitration | form of alternative dispute resolution (ADR), a binding way of resolving disputes between two or more parties with concrete effects |
bear market | period in the stock market when prices are steadily decreasing |
bond | a debt instrument issued by a corporation or government, part lender of the company, earn returns by interest |
bull market | period in the stock market when prices are steadily increasing |
contingencies | unplanned or possible events |
diversification | holding a variety of investments for the purpose of reducing overall risk |
dollar | cost averaging |
emergency fund | money set aside for unplanned expenses |
estate | all that a person owns (assets), less debts owed, at the time of that person's death |
financial market | a place where investments are bought and sold |
financial security | the ability to meet current and future needs while living comfortably |
foundation | a fund or an organization established and maintained for the purpose of supporting an institution or a cause |
industry risk | chance that factors affecting an industry as a whole will negatively affect the value of an investment |
inflation risk | chance that the rate of inflation will be higher than your investment rate of return |
investing | a strategy to earn more on your money than the rate of inflation |
investment portfolio | a collection of assets that provides diversification for an investor |
investment risk | potential for change in the value of an investment |
investment tracking | technique for making investment choices by following the prices of stocks over time |
liquidity | a measure of how quickly an asset can be turned into cash |
market timing | buying and selling stocks based on what the market is expected to do |
political risk | chance that a political event will affect the value of an investment |
retirement | a period of time, usually in later years, when you are not working but are able to meet expenses through other income sources |
return on investment (ROI) | a measurement of return expressed as a percentage |
savings | money set aside for the future with goal of preserving princple |
stock | ownership interest in a publicly held company, earn dividends, preform better long term |
stock risk | chance that activities or events affecting a company will change the value of an investment in that company |
systematic investing | a strategy that involves a planned approach to making investments on a regular basis |
systematic saving | a strategy that involves regularly setting aside cash that can be used to achieve goals |
tax deferral | a postponement of taxes to be paid |
tax-exempt | not subject to taxation |
wealth | the accumulation of assets over your lifetime |
Estate planning | process of preparing to transfer property upon ones death |
Investing | The use of the long |
Inflation | A rise in the general level of prices |
Portfolio | Collection of investments |
Diversification | The spreading of risk on many types of investments |
Investing risk | The chance that an investment though you will decrease |
Short term investments | Investment choices that will be reevaluated within a year or less |
Long term investments | Investment choices that will be held for the long run |
Annual report | A summary of the corporations financial results for the year and his prospects for the future |
Bonds | Debt obligations of corporations or corporate bonds or state or local government's or Municipal bonds |
Discount bond | Purchased for less than the maturity value |
Mutual fund | The pooling of money from many investors to buy a large selection of securities |
Stock | Unit of ownership in a corporation |
Annuity | A contract that provides the investor with a series of regular payments usually after retirement |
Futures | Contract to buy and sell commodities with your products that are minor ground or stock for specified price on a specified date in the future |
Option | The right but not the obligation to buy or sell a commodity or stock for specified price within a specified time. |
Penny stocks | Low-priced stock of small companies that have no track record |
advertising | informing consumers about products and encouraging them to buy |
banner ads | Internet ads that span the top, bottom, or sides of a web page |
branding strategy | carrying well-known brand names to attract customers who are loyal to those brands |
comparison shopping | the process of checking prices among several sellers to make sure you are getting the best price for what you buy |
customer loyalty program | a program designed to encourage a customer's repeat business by providing discounts and other incentives |
direct advertising | distribution of product information directly to consumers |
pop-up ads | Internet ads that open a new window that pops onto the screen in front of the web page being viewed |
target audience | a specific group of people who are likely to buy a product |
Food and Drug Act | Requires foods to be safe, pure and wholesome |
Consumers Union (CU) | Not-for profit organization, Has testing facility to test and evaluate products sold to consumers, Publishes the Consumers Reports magazine (monthly) |
Fraudulent Representation | Telephone or door |
assets | money and items of value that you own |
benchmarks | standards against which progress is measured |
budget | a spending and saving plan based on expected income and expenses |
cash inflows | income from your job, investments, and other sources |
cash outflows | expenses, or items for which you must spend money |
charitable giving | the act of donating money or time to a cause in which you believe |
electronic records | soft-copy formats of your financial information stored on your computer |
encryption | process of converting data to a coded form |
financial goals | plans for how you will pay for your personal goals |
financial plan | a plan listing personal and financial goals along with steps and a timeline for reaching them |
financial planner | a professional consultant who provides financial advice for a fee or commission |
financial resources | money or other items of value that are used to acquire goods and services |
fixed expenses | costs that do not change each month |
identity theft | the use of your personal information by someone else to commit fraud or other crimes |
liabilities | debts that you owe |
long term goals | things you expect to achieve more than five years from now |
manual records | information recorded using pen and paper |
Medium term goals | things you expect to achieve in the next two to five years |
needs | things needed for survival, such as food, clothing, shelter, and medical care |
net worth | assets minus your liabilities |
opportunity cost | the value of your next best option |
personal goals | things you want to achieve in your life |
phishing | a scam in which an e-mail is sent from someone posing as your bank or other legitimate business asking for personal information |
short term goals | things you expect to achieve within one week to a year |
timeline | a visual display of how long it will take to achieve each phase of a plan |
tradeoff | giving up one option in exchange for another |
variable expenses | costs that can go up and down each month |
variances | the differences between planned amounts and actual amounts |
wants | things people desire for reasons beyond survival and basic comfort |
Cash flow statement | cash inflows versus cash outflows |
Financial planning | Lists financial & personal goals, timeline, Gather information, Analyze information, Set goals, Develop timeline Benchmarks,Implement & evaluate |
annuity | a fixed amount set aside on a regular basis over time; a contract purchased from an insurance company that guarantees a series of regular monthly payments for a set time |
bank reconciliation | the process of adjusting the checkbook register and bank statement balances so that they agree |
bounced check | a check that is not honored by a bank and is returned to the payee's bank due to nonsufficient funds |
cashier's check | a check issued against the bank's funds |
certificate of deposit (CD) | a time deposit that pays a fixed rate of interest for a specified length of time, demand deposit |
check | a written order to a bank to pay a stated amount to a person or business |
checkbook register | a tool used to track checking account transactions |
checking account | a demand deposit in a bank on which checks are drawn |
compound interest | interest earned on both principal and previously earned interest |
debit card | a card used to withdraw or deduct money from your checking account |
deposit | money added to a checking or savings account |
electronic funds transfer | the use of a computer |
endorsement | a signature, with or without instructions, written on the back of a check |
floating a check | writing a check and planning to make a deposit later to cover it before the check is processed |
inactive account | a checking or savings account that does not meet minimum usage requirements |
Internet banking | accessing and managing your account online |
maturity value | a bond's future value as stated on its face |
money market account | a type of savings account that earns the market rate of interest on the money deposited; modified demand deposit |
money order | a type of check used to pay bills or make payments for which the money is guaranteed |
overdraft protection | a bank service that covers a shortage in your account |
postdated check | a check written with a date that will occur in the future |
principal | sum of money set aside on which interest is paid |
Rule of 72 | a quick formula for computing how long it will take to double money invested at a given interest rate: 72/rate |
safe deposit box | a secure container located in a bank vault |
savings account | a demand deposit account designed for the accumulation of money in a safe place for future use, time deposit |
simple interest | interest computed on principal once during a certain time period |
smart card | a card that contains a computer chip that stores electronic money |
stop payment | an instruction to the bank not to honor a check that has been issued or lost |
U.S. savings bond | a discount bond issued by the federal government that pays a guaranteed minimum rate of interest, tax shelter, no state/federal income ta |
withdrawal | taking money from your account |
Restrictive endorsement | your signature on back of check → restricts use of check "for deposit only" |
Blank endorsement | your signature on back of check → once signed, anyone can cash it |
Special endorsement | your signature on back of check → transfers the right to cash check "pay to the order of" |
automobile insurance | a policy that protects a car owner from losses as a result of accidents and other events |
beneficiary | the person designated to receive money from a life insurance policy |
collision coverage | a policy that protects against damage to your own vehicle if you hit another car or lose control and roll over |
comprehensive coverage | protection against damages to your car from causes other than collision or rolling over |
disability insurance | insurance that provides income to replace a portion of normal earnings when the insured is unable to work due to nonwork |
Fee for service plan or Point of Service | a type of health insurance plan that allows the patient to choose medical providers (unmanaged care) |
health insurance | a plan for sharing the risk of medical costs from injury or illness |
health maintenance organization (HMO) | a group plan that provides prepaid medical care for its members; physicians are employees, hospital and group is from select group |
home inventory | a list of items of value in your home; used for insurance purposes |
homeowner's insurance | a policy that protects against risk of loss to a home and its contents |
liability coverage | protection against injuries suffered by others on your property or as a result of your actions |
life insurance | insurance that pays money to the beneficiary upon the death of the insured person |
loss | a physical injury, damage to property, or disappearance of property |
permanent life insurance | a policy that provides a death benefit and builds cash value |
personal injury protection (PIP) | coverage for medical, hospital, and funeral costs of the insured and passengers in the event of an auto accident |
preferred provider organization (PPO) | a network of independent health care providers that work together to provide health care services, pick any doctor |
premium | the price you pay for insurance coverage |
probability | the likelihood of a risk resulting in a loss |
renter's insurance | a tenant's policy that protects against the loss of personal property in a rented residence |
risk | the chance of injury, damage, or economic loss |
risk assessment | the process of identifying risks and deciding how serious they are |
risk assumption | accepting the consequences of risk |
risk avoidance | stopping behavior that leads to a risk |
risk reduction | finding ways to lower your chance of incurring a loss |
risk transfer | buying insurance to shift the risk of financial loss to an insurance company |
self-insure | setting aside money to be used in the event of injury or loss |
stop-loss provision | a clause that provides 100 percent coverage of medical expenses after a certain amount has been paid by the insured |
term life insurance | temporary insurance that pays only a death benefit and is in effect for a specific period of time |
umbrella policy | liability coverage above that of your homeowner's and car insurance |
uninsured/underinsured motorist coverage | protection against damages caused by a motorist with no or insufficient insurance |
Personal risk | lose something of personal value |
Deductible | amount of money you must pay toward medical expenses |
Copay | amount patient must pay each time he / she uses a service |
Medicare | government sponsored health insurance for 65 or over |
Medicaid | government sponsored health insurance for low or no income people |
Basic health care | health insurance that covers medical, hospital and surgery services; Elective surgery: not necessary and are not covered |
Major medical costs | health insurance that covers serious injury or illness, Transplants, rehab |
Flexible spending accounts | Set aside money to pay for medical expenses, Comes from paycheck, before taxes, Money not used during year gets forfeited |
Health savings account | Similar to FSA, but money gets carried over, For health plans that have high deductibles and copays |
Permanent life | pays benefit & builds cash value |
Temporary: aka Term, pure | Death benefit only, no savings, When time period is up, policy is over |
Short term disability | insurance in case one cannot work, 3 |
Long term disability | insurance in case one cannot work, could be from 5 year up to retirement, Premiums depend on age or salary, Can be part of group plan or individual |
bait and switch | an illegal sales technique in which the business advertises a bargain product with the intent of persuading consumers to buy a more expensive product |
Cost plus pricing | setting a price based on production cost plus markup |
Cost push inflation | rising prices as a result of rising production costs |
Cost recovery pricing | setting an introductory price high to recover the R&D costs |
deception | false or misleading claims made about the quality, price, or purpose of a product |
deflation | decrease in the general level of prices for goods and services |
demand | pull inflation |
discount pricing | offering the lowest everyday price possible |
disinflation | rising prices with the rate of increase slowing down |
economizing | saving as much as possible and spending money only when necessary |
emotional buying | process of purchasing products based on desire rather than logic |
hyperinflation | rapidly rising prices that are out of control |
impulse buying | purchasing something on the spur of the moment without any planning |
inflation | increase in the general level of prices for goods and services |
Low balling | advertising a basic service at an unusually low price and then claiming additional repairs or services are needed |
market based pricing | setting prices to be competitive with prices of similar products currently being sold |
markup | the percentage a mount added to production cost to obtain the price of an item |
normal profit | a profit that allows a business to survive and grow |
optimizing | getting the highest value for the money spent |
pigeon drop | a scam in which a con artist convinces a person to give up his or her money in return for a share of a larger sum of money |
Ponzi scheme | a fraudulent investment operation in which money collected from new investors is used to pay off earlier investors |
productivity | a measure of the efficiency with which goods and services are made (comparison of total output to total inputs) |
pyramid scheme | an illegal multilevel marketing gimmick that promises commissions on one's own sales as well as on the sales of recruits |
rational buying | process of selecting goods and services based on need, want, and logical choices |
Real cost inflation | rising prices due to scarce resources or increased difficulty in obtaining resources |
reflation | high prices followed by lower prices and then high prices again |
Space shifting | copying the contents from one form of media to another for personal use |
time value of money | a concept that says a dollar you receive in the future will be worth less than a dollar you receive today |
Time shifting | recording video or audio for later viewing or listening |
Value based pricing | setting prices based on how much consumers are willing to pay |
warning label | information on products advising consumers of risks and safety issues |
Consumer Price Index | measure of the change in basket of goods prices from year to year |
Consumer Bill of Rights | Right to be safe from unsafe products |
Health Insurance Portability and Accountability Act (HIPAA) | Protects health and billing information, including information stored on a computer by limiting who can have access |
U.S. Department of Agriculture (USDA) | Inspects food to ensure wholesomeness and truthful labeling |
Food and Drug Administration (FDA) | Enforces laws and prevents or stops the selling of mislabeled foods, drugs, cosmetics, and medical devices |
Federal Trade Commission (FTC) | Restricts unfair methods of competition and false or deceptive advertising |
Securities and Exchange Commission (SEC) | Protects investors and oversees the securities (stocks and bonds) market |
Better Business Bureau (BBB) | Clearinghouse for information about local businesses, Allows consumers to file complaints about a business, Offers business a chance to respond to the complaint, Suggests solutions, Keeps log of complaints filed against businesses for consumers to browse |
Pigeon Drop | A con artist convinces a person to give up his/her money in return for a share of a larger sum of money |
Monetary policy | Actions taken by the Federal Reserve System (the Fed) to stabilize the economy; discount rate, federal funds rate, and prime rate. |
Federal Reserve System (the Fed) | The central bank of the United States, it was created in 1913, one of its roles is to control the money, The Feds control three different types of interest rates: |
Discount rate | The rate that banks have to pay to borrow money from the Fed. Banks have to have a certain amount of cash on hand daily to meet customer needs |
Prime Rate | The rate that banks charge to their most creditworthy business customers. |
Fiscal policy | The actions taken by the federal government to manage the economy. Raise taxes to combat inflation, When taxes go up people have less money to spend, this slows inflation. Lower taxes to increase spending |
401k | for employees of for-profit businesses, Limits to contributions, from pre tax dollars, may be matched |
403b | for gov’t and non-profit employees, No matching |
IRAs | individual retirement accounts, Set up & managed by individual |
I-Bond | buy at face value and generates interest |
EE | Bought at discounted face value |
Discount Bond | sold for less than face value, but will be paid face value |
Premium Bond | sold for more than face value, May be from safer issuer |
Debt Management | works with debtor & creditors to work out payment plan, Turn over checking account, No credit cards & live on an allowance |
Credit reporting agencies | Experian, Trans union, Exuifax |
Copayment | fixed amount for a covered service, paid by a patient to the provider of service before receiving the service |
Consumer Price Index (CPI) | Measures price change over time |
Demand Pull Inflation | consumer want more goods & services |
Credit Card Scale | 300-850 |
529 plan | Savings account for children's college |