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Finance Cards
Money
| Question | Answer |
|---|---|
| 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
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