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FL Strand 3

TermDefinition
Bank A place to put your money, loan money. More national and expensive.
Credit Union A place to put your money, loan money. Smaller and local and less expensive, gives back to the community.
Balance The amount of money you have in an account.
Checking Money that can be directly used with a debit card.
Savings Money that is in a seperate account that is held for investments or emergency.
Credit A way of purchasing payment that you pay back later.
Debit Payment that is taken directly from your checking account.
Deposit Putting money into an account.
FDIC Independent agency that protects depositors of insured banks incase something goes wrong.
NCUA Federal agency that protects deposits at insured credit unions, charters, or federal credit unions.
Interest The price a bank charges you to borrow money or pays you for saving money.
Principal Money you loaned and agreed to pay back.
Overdraft Not having enough money for a transaction so the remainder is paid by the bank (you'll pay it back later).
50-30-20 Rule Divide your income into categories of 50% needs, 30% wants, and 20% savings.
CD A savings account that holds a set amount of money for a set amount of time and the bank pays you interest for it.
Compound Interest Interest earned on interest.
Inflation The rate of prices increases over a certain amount of time.
Emergency Fund Savings put to the side in case of emergencies.
Recession Economic output, employment, and consumption drop.
IRA Tax-advantage account to help save for retirement.
Roth IRA Retirement account that you put in after-tax dollars.
Cryptocurrency Any form of payment that exists virtually/digitally.
Deductible An item or expense that reduces the amount of taxes a person owns in a year.
Premium An amount of money that is paid to an insurer over a period of time in case of loss or harm.
Max Out of Pocket A certain amount of money to be paid before a plan (ex a Health Plan) pays for 100% of the services.
Liability Insurance Insurance coverage that protects you if you're responsible for something like someone elses injuries or property damage.
Collision Insurance Auto insurance to cover you if you get in an accident with a car, person, or object and your vehicle needs repairs.
Comprehensive Insurance Protects your vehicle against unexpected damage not caused by a collision like theft, vandalism, glass damage, etc.
Actuary A finance professional who looks at the costs associated with risk or uncertainty.
Medicare Health Insurance program for those 65 and older without health insurance.
Medicaid Public health insurance for low-income families and individuals.
Copay A certain amount that insurance policyholder pays for a specific service to be covered by insurance.
HMO Health care that shares financial risks and risks with providing comprehensive medical services to a specific area with a fixed/prepaid fee.
PPO Healthcare providers you can use for medical care that have agreed to provide care to plan members at a certain rate.
HSA A tax free savings account you have to pay certain health care costs like deductibles, copay and coinsurance.
Asset A useable or valuable thing that can be used now or in the future.
Bond Something you buy as issuing a loan to someone that they agree to pay back on a specific date.
Stock A type of security that gives holders a share of ownership in a company or business.
Dividend An amount of money paid regularly by a company to it's shareholders.
Index Fund An investment fund either mutual or exchange traded and based off presentation of stocks/index.
Mutual Fund Allows to pool or share money with other investors.
Pension Social insurance offered by income to insured persons following their retirement.
Portfolio A record/collection of expenses/bonds/trusts/etc made by a person.
Security Being safe from risks or threats.
Created by: kentaura
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