Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Financial Lit Unit 3
Last Stretch
| Term | Definition |
|---|---|
| Bank | A secure location where you can store your money, or accumulate more money from |
| Credit Union | A secure location where profit is its middle name, more for accumulating good credit to reduce prices of loans and other down payments |
| Balance | Your current amount of money that you have in a bank account |
| Checking | An account used to deposit and withdraw to other accounts and people |
| Savings | An account used to store money to assure you can survive a financial blow |
| Credit | A card that has a certain limit you can use, and pay at the end of the month |
| Debit | A card that directly accesses your checking account and uses the money in it. |
| Deposit | Putting money into an account |
| FDIC | Keeps banks safe from going bankrupt |
| NCUA | Keep you insured up to $250,000 if a bank goes bankrupt with your money in it |
| Interest | Money paid on top of the principal amount paid |
| Principle | The base price you are paying for something on a loan, followed by but not apart of interest |
| Overdraft | Withdrawing more money than you have from an account |
| 50-30-20 rule | 50% needs, 30% wants, 20% savings, A way to budget your income |
| CD | Certificates of Deposit, money with a timer on it before ou can use it, 6 months-5 years |
| Compound Interest | Interest that builds on itself, slowly increasing the output you get. |
| Inflation | Prices of items rising |
| Emergency Fund | An account used to store money in case of an emergency |
| Recession | Prices of items lowering |
| IRA | A retirement fund where you pay taxes when you withdraw the money inside |
| Roth IRA | A retirement fund where you pay taxes when you deposit the money inside |
| Cryptocurrency | An online currency paid for with money in hopes of gaining more money |
| Deductible | The amount you pay before an insurance company pays their portion |
| Premium | The amount you pay for insurance casually to keep on a plan |
| Max Out Of Pocket | Most money you can withdraw on a single purchase/purchases |
| Liability Insurance | Insurance used when you are considered the cause of the crash |
| Collision Insurance | Insurance used if you collide with another driver, regardless of who is to blame |
| Comprehensive Insurance | Determines what caused damage and pays for it. |
| Actuary | Does investments for you |
| Medicare | A type of care paid for with taxes to help the elderly with day-to-day tasks |
| Medicaid | A type of care paid for with taxes to help poor people |
| Copay | You pay a certain amount, we'll pay the rest but health insurance |
| HMO | Health insurance within a certain area with limited specialists |
| PPO | Health insurance with unlimited area but higher prices outside the indicated zone |
| HSA | Mix between HMO and PPO |
| Asset | A part of an investment |
| Bond | Multiple investments in one |
| Stock | A partial amount of ownership in a company |
| Dividend | Amount deducted from investment withdrawals |
| Index Fund | A combination of many different stocks to reduce risks |
| Mutual Fund | A combination of a few different stocks to reduce risk in investment |
| Pension | A fund distributed by your employer for your later retirement, account will still be there after leaving said job |
| Portfolio | A file where all your investments can be found |
| Security | A way to make your money more secure |
Created by:
njj
Popular Finance sets