This is the third 3
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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| Annual Percentage Rate | APR; annual rate of interest
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| Depositor | person who deposits money in a bank or who has a bank account
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| FDIC | Federal Deposit Insurance Corporation; a federally sponsored corporation which insures accounts in national banks and other qualified institutions up to
$100,000
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| Interest | amount of money paid to a customer for money on deposit with a financial
institution, or the amount of money paid by a customer to a financial institution
for borrowing money through a loan, credit card, etc.
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| Required Minimum Balance | least amount required to be kept on deposit in a bank account
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| Credit Score | numerical expression based on a statistical analysis of a person’s credit files; represents creditworthiness in a person, which is the likelihood he/she will pay debts in a timely manner; primarily based on credit report information from credit bureaus
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| FICO | Fair Isaac Credit Organization; credit score used by most lenders
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| Big Ticket Purchases | retail goods which have a high selling price in comparison to other items
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| Fixed Rate Interest | interest rate does not fluctuate during the fixed rate period of the loan
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| Adjustable Rate Interest | interest rate may fluctuate up or down during the term of the loan
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| Installments | buyer gains use of the commodity immediately and pays for it in periodic
payments
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| Lump Sum | single sum of money which serves as complete payment
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| Collateral | property acceptable as security for a loan or other obligation
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| Application Fee | money paid to the bank or mortgage company to cover expenses of processing
a loan application
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| Credit Check | when a potential lender buys a copy of one’s credit history to determine whether or not he/she is someone with the ability and character to repay a debt
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| Net Worth | total assets minus liabilities or debt
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| Stocks | ownership of a corporation indicated by shares which represent a piece of the corporation’s assets and earnings
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| Bonds | debt securities issued by a corporation or unit of government to raise money
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| Portfolio | total holdings of the securities, commercial paper, etc. of a financial institution or private investor
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| blank | blank
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Created by:
Ethan S..
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