Bank & Finance Unit 3 - Savings, Loans, & Investments
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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 | a federally sponsored corporation which insures accounts in national banks and other qualified institutions up to $100,000; Federal Deposit Insurance Corporation
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| Interest | 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 | represents creditworthiness in a person, which is the likelihood he/she will pay debts in a timely manner
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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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| Trade | used to describe buying and selling stocks or bonds on the capital market
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| Capital Market | where securities are bought and sold allowing companies and governments to raise long-term funds; where new issues of stocks and bonds are distributed to investors and existing securities are traded
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| Bear Market | a decline in the capital market’s overall value occurs which reflects a substantial drop in the prices of a range of issues over a defined period of time
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| Bull Market | an increase in the capital market’s overall value occurs which reflects an increase in the value of the companies who are represented in the market
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| Personal Savings Account | the best account for transferring monthly money from a new savings account into a personal checking account
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| Certificate of Deposit Account | a type of account that you can invest in where you will not need access to your money for a set amount of time
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| Basic Savings Account | an account with an advantage that allows you to access your money anytime you want
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| FDIC | most basic savings accounts are insured by this institution
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| Minimum Balance | normally required for you to maintain in order to keep your checking/savings account open
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| Service Fees | you usually do not have to pay these if you have the advantage of a checking and savings account at the same bank
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| Online Banking | allows you access to checking and savings account at almost any time
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| Credit Bureaus | institutions responsible for providing your credit score; Equifax, Experian, and TransUnion
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| Credit History | this is gathered from your public record and customer credit information
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| Payment History | this is the most important component of your credit score
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| Loan Application | lenders have you fill this out and they look at your expenses, obligations, income, and credit history and score
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| Loan Payment | this payment targets a specific date to pay off the amount borrowed
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| Principal | known as the amount of money actually borrowed with the loan
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| Cost (Interest) | known as the additional amount of money you will repay to the bank, along with the amount borrowed with the loan
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| Term | known as the length of time you have to pay the loan back in full to the lender
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| Secured Loan | a loan guaranteed with collateral
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| Lump Sum Loan | a loan due in one full payment
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| Installment Loan | requires the borrower to make monthly, or other types of regular payments
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| Line of Credit | known as having a set limit of money which can be borrowed at any one time and interest is only paid on the amount borrowed
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| Upfront Fees | fees that are usually included for application processing, attorney's expertise, and your credit report
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| Investments | contains the three major categories of stocks, bonds, and cash
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| Down Payment | a payment that goes toward the ownership of your new home
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| Homeowner | the party responsible for maintenance and repairs of the home you own
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| Value | homeowners see an increase in this if they maintain their home over time
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| Single Family Home | the best home choice for a couple looking for their first residence in a suburban neighborhood
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| Real Estate | you can “flip” it, use it as rental property, or as your primary residence
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| Taxable Account | you will owe income tax on any interest or returns you earn on your investment, but the principal amount invested is not taxed
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