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Strand 3

TermDefinition
bank Intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money)
credit union A not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products
balance A measure of inflows and outflows that takes the capital and current accounts into consideration
checking A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer
savings The money that a person has left over after they subtract out their consumer spending from their disposable income over a given time period
credit The ability of an individual or organization to obtain goods or services before payment, based on an agreement to pay later
debit Money being paid out of a particular account
deposit Money held in a bank account or with another financial institution that requires a transfer from one party to another.
FDIC An independent agency created by the Congress to maintain stability and public confidence in the nation's financial system
NCUA An independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions
interest The amount of money a lender or financial institution receives for lending out money
principle A set of rules or concepts that govern how people satisfy their unlimited wants with their limited resources
overdraft Occurs when there isn't enough money in an account to cover a transaction or withdrawal, but the bank allows the transaction anyway
50-30-20 rule Spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.
CD A savings account that holds a fixed amount of money for a fixed period of time, such as six months, one year, or five years, and in exchange, the issuing bank pays interest
Compound interest The interest you earn on interest
inflation The rate of increase in prices over a given period of time
emergency fund A cash reserve that's specifically set aside for unplanned expenses or financial emergencies
recession A sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate
IRA An account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis
Roth IRA A special individual retirement account (IRA) where you pay taxes on money going into your account, and then all future withdrawals are tax free
Cryptocurrency Digital tokens
deductible An expense that an individual taxpayer or a business can subtract from adjusted gross income while completing a tax form
premium A price paid for above and beyond some basic or intrinsic value
max out of pocket The most you have to pay for covered services in a plan year
liability insurance An insurance product that provides protection against claims resulting from injuries and damage to other people or property
collision insurance A coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object
comprehensive insurance A coverage that helps pay to replace or repair your vehicle if it's stolen or damaged in an incident that's not a collision
actuary To analyze the financial costs of risk and uncertainty
medicare The system of government subsidies for health care for the elderly and disabled
medicaid A public health insurance program that provides health care coverage to low-income families and individuals in the United States
copay A fixed out-of-pocket amount paid by an insured for covered services.
HMO A type of health insurance plan that usually limits coverage to care from doctors who work for or contract with the HMO
PPO An organization providing health care that gives economic incentives to the individual purchaser of a health-care contract to patronize certain physicians, laboratories, and hospitals which agree to supervision and reduced fees
HSA A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses
asset A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit
bond A debt security, similar to an IOU
Stock A security that represents the ownership of a fraction of the issuing corporation
Dividend A form of income that shareholders of corporations receive for each share of stock that they hold
Index Fund A type of mutual fund or exchange-traded fund that seeks to track the returns of a market index
mutual fund A company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt
pension An employee benefit that commits the employer to make regular contributions to a pool of money that is set aside in order to fund payments made to eligible employees after they retire
portfolio A collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including closed-end funds and exchange traded funds (ETFs)
security The condition of having stable income or other resources to support a standard of living now and in the foreseeable future
Created by: Baileyd0717
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