Leach STEM Unit 9: Visa Financial Football Practice Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| account | show 🗑
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| adjusted balance | show 🗑
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| show | A credit card offered by a lending institution in partnership with another institution. These cards are also known as co-brand cards, because both institutions lend their branding to the card.
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| show | A yearly fee charged to a customer to participate in an open-ended credit program.
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| show | The cost of credit expressed as a yearly rate. APR is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.
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| assets | show 🗑
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| ATM | show 🗑
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| authorized user | show 🗑
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| average daily balance | show 🗑
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| show | An outstanding amount of money. In banking, balance refers to the amount of money in a particular account. In credit, balance refers to the amount owed.
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| show | Repayment of one credit debt with another credit source.
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| show | The fee charged to transfer balances between two credit sources. This fee is often a percentage of the amount transferred.
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| bank | show 🗑
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| bankruptcy | show 🗑
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| show | The period of time that a credit statement covers.
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| billing statement | show 🗑
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| show | An IOU issued by a corporation, the U.S. Government, or a city that is held by the lender as receipt that the business or institution has borrowed a specific amount of money. Interest is yearly and payable in full at a specified date written on it.
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| bounced check | show 🗑
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| show | A "used" check that has been paid and subtracted from the check-writer's account and usually mailed to the writer each month with the statement, or made available upon request. They are excellent receipts for reference and tax purposes.
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| capital | show 🗑
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| cardholder agreement | show 🗑
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| show | Money in the form of paper and coins (e.g., U.S. dollars and cents). In banking, this is the act of paying a check.
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| cash advance fee | show 🗑
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| cashier's check | show 🗑
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| show | A savings account in which an individual promises to deposit the money for a set period of time, for which the bank pays higher interest than a regular savings account.
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| charge card | show 🗑
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| show | Any written document instructing a bank to pay money from the writer's account.
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| check card | show 🗑
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| checking account | show 🗑
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| clear | show 🗑
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| collateral | show 🗑
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| show | Nongovernmental financial institutions. Sometimes called full-service banks because they provide a wide range of services, such as checking and savings accounts, credit and loan arrangements, and safety deposit box rentals.
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| compound interest | show 🗑
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| co-signer | show 🗑
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| show | In business, buying or borrowing on the promise to repay at a later date. In any credit arrangement there is a creditor (a person, bank, store, or company to whom money is owed) and a debtor (the person who owes money).
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| show | An agency that checks credit information and keeps a complete file on people who apply for and use credit.
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| show | A plastic card that gives access to a line of credit. Users are limited in how much they can charge, but they are not required to repay the full amount each month. Instead the balance (or "revolve") accrues interest with only a minimum payment due.
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| show | A coverage that pays credit card debt in the event of death, disability or loss of employment.
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| show | The maximum amount of money a borrower can access in a credit account.
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| credit rating | show 🗑
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| credit report | show 🗑
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| show | A member-owned financial institution, either state or federally chartered. Credit unions are often more competitive than banks and savings and loan associations because its nonprofit status makes its operating costs lower.
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| show | Money
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| show | A bookkeeping term for a sum of money owed by an individual or institution; a charge deducted from an account.
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| show | A banking card enhanced with ATM and POS features that can be used to purchase goods and services electronically. The card replaces cash or checks. Transactions are deducted from the cardholder's checking account either immediately or within 1 to 3 days.
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| show | A status assigned to a cardholder if he or she fails to perform or conform to all the items listed in the cardholder agreement.
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| show | A checking account.
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| deposit slip | show 🗑
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| depositor | show 🗑
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| endorse | show 🗑
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| federal reserve system | show 🗑
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| show | An interest rate that does not vary over time.
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| show | A fee charged when a card purchase utilizes a foreign currency and it must be converted into the cardholder’s home currency.
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| show | The length of time between the use of credit to make a purchase and the start of interest on the amount charged.
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| guarantor | show 🗑
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| index | show 🗑
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| show | The fee paid for the use of money. Interest may be paid, for example, by an individual to a bank for credit card use, or by a bank to an individual for holding a savings account. Interest is expressed in terms of annual percentage rate (APR).
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| show | A temporarily low interest rate, used as incentive to entice a consumer to sign up for credit. After the introductory period, the rate will increase to the standard percentage.
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| show | A savings or checking account established in the names of more than one person (e.g., parent/child, wife/husband).
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| liabilities | show 🗑
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| late payment fee | show 🗑
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| show | An authorized amount of credit given to an individual, business, or institution.
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| show | An economic system permitting an open exchange of goods and services between producers and consumers, such as is found in the United States.
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| show | The smallest payment a consumer can make in a billing cycle to keep the account from going into default.
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| money | show 🗑
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| mortgage | show 🗑
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| show | A check written for more money than is currently in the account. If the bank refuses to cash the check, it is said to have "bounced."
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| passbook | show 🗑
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| payee | show 🗑
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| payer | show 🗑
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| penalty rate | show 🗑
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| show | A code that provides security for consumers at an ATM.
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| show | The store or other location where a transaction takes place.
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| show | The date when a transaction is recognized on your account.
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| show | A term used to denote a credit offer that is extended after the creditor has performed a credit pre-screening process.
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| previous balance | show 🗑
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| show | An index rate that is used to determine the APR in a variable interest rate account.
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| principal | show 🗑
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| proprietary credit card | show 🗑
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| show | To revise a loan agreement to make the terms of payment more suitable to a borrower's present income and ability to repay. Refinancing usually provides a lower interest rate and lower monthly payments over a longer period of time.
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| show | A credit agreement that allows a consumer to borrow a set amount of money, then after repayment of any portion of that money, the consumer may borrow again up to the original set amount. A credit card is a form of revolving credit.
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| savings account | show 🗑
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| show | State-chartered or federally-chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans.
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| show | A credit card that is guaranteed by a security deposit so that repayment of the amount borrowed is assured. This is an option to begin to repair a bad credit history.
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| service charge | show 🗑
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| stop payment | show 🗑
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| terms | show 🗑
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| show | A term that applies to interest rates, where the actual rate applied depends on the balance on the account.
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| show | The date that a purchase was made or a cash advance was taken.
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| truth in lending act | show 🗑
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| show | A credit source that is not guaranteed with collateral.
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| show | An interest rate that changes and is determined by adding the index rate to the previously disclosed margin.
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| wire transfer | show 🗑
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| show | An amount of money taken out of an account.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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