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Finance Cards

Money

QuestionAnswer
a loan against the equity in the borrower’s home. Reverse Mortgage
a person who will inherit property from someone who dies. Heir
all that a person owns, less debts owed, at the time of the person’s death. Estate
is a legal document that tells how an estate is to be distributed when a person dies. Will
a legal document that modifies parts of a will and reaffirms the rest. Codicil
a legal document in which an individual (the trustor) gives someone else (the trustee) control of property, for ultimate distribution to another person (the beneficiary). Trust
a legal document authorizing someone to act on your behalf. Power of Attorney
imposed on an heir who inherits property from an estate. inheritance tax
is applied to a gift of money or property. gift tax
a tax-deferred retirement savings plan available to self-employed individuals and their employees. Keogh plan
income from an investment paid in a series of regular payments made for a set number of years. annuity
a company-sponsored retirement plan in which retired employees receive a set monthly amount based on wages earned and number of years of service. defined-benefit plan
a company-sponsored retirement plan in which employees can receive a periodic or lump-sum payment based on their account balance and the performance of the investments in their account. defined-contribution plan
a defined-contribution plan for employees of companies that operate for a profit. 401(k) plan
is money borrowed to buy something now, with the agreement to pay for it later. Credit
When you borrow money Borrower
is property you posses (such as bank accounts, investments, and other assets) that is worth more than your debts. Capital
is property pledged to assure repayment of loan. Collateral
a loan for a specific amount that must be repaid, in full, including all finance charges, by a stated due date. closed-end credit
the complete record of your borrowing and repayment performance. credit history
a business that gathers, stores, and sells credit information to other businesses. credit bureau
a written statement of a consumer’s credit history, issued by a credit bureau to businesses. credit report
a responsible attitude toward honoring obligations, often judged on evidence in the person’s credit history. character
a person or company hired by a creditor to collect the overdue balance on an account. debt collector
Created by: Big Daddy Jack