Strand 3
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| bank | Intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money)
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| credit union | A not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products
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| balance | A measure of inflows and outflows that takes the capital and current accounts into consideration
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| checking | A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer
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| savings | The money that a person has left over after they subtract out their consumer spending from their disposable income over a given time period
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| credit | The ability of an individual or organization to obtain goods or services before payment, based on an agreement to pay later
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| debit | Money being paid out of a particular account
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| deposit | Money held in a bank account or with another financial institution that requires a transfer from one party to another.
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| FDIC | An independent agency created by the Congress to maintain stability and public confidence in the nation's financial system
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| NCUA | An independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions
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| interest | The amount of money a lender or financial institution receives for lending out money
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| principle | A set of rules or concepts that govern how people satisfy their unlimited wants with their limited resources
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| overdraft | Occurs when there isn't enough money in an account to cover a transaction or withdrawal, but the bank allows the transaction anyway
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| 50-30-20 rule | Spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.
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| CD | A savings account that holds a fixed amount of money for a fixed period of time, such as six months, one year, or five years, and in exchange, the issuing bank pays interest
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| Compound interest | The interest you earn on interest
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| inflation | The rate of increase in prices over a given period of time
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| emergency fund | A cash reserve that's specifically set aside for unplanned expenses or financial emergencies
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| recession | A sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate
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| IRA | An account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis
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| Roth IRA | A special individual retirement account (IRA) where you pay taxes on money going into your account, and then all future withdrawals are tax free
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| Cryptocurrency | Digital tokens
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| deductible | An expense that an individual taxpayer or a business can subtract from adjusted gross income while completing a tax form
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| premium | A price paid for above and beyond some basic or intrinsic value
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| max out of pocket | The most you have to pay for covered services in a plan year
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| liability insurance | An insurance product that provides protection against claims resulting from injuries and damage to other people or property
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| collision insurance | A coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object
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| comprehensive insurance | A coverage that helps pay to replace or repair your vehicle if it's stolen or damaged in an incident that's not a collision
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| actuary | To analyze the financial costs of risk and uncertainty
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| medicare | The system of government subsidies for health care for the elderly and disabled
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| medicaid | A public health insurance program that provides health care coverage to low-income families and individuals in the United States
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| copay | A fixed out-of-pocket amount paid by an insured for covered services.
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| HMO | A type of health insurance plan that usually limits coverage to care from doctors who work for or contract with the HMO
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| PPO | An organization providing health care that gives economic incentives to the individual purchaser of a health-care contract to patronize certain physicians, laboratories, and hospitals which agree to supervision and reduced fees
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| HSA | A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses
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| asset | A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit
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| bond | A debt security, similar to an IOU
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| Stock | A security that represents the ownership of a fraction of the issuing corporation
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| Dividend | A form of income that shareholders of corporations receive for each share of stock that they hold
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| Index Fund | A type of mutual fund or exchange-traded fund that seeks to track the returns of a market index
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| mutual fund | A company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt
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| pension | An employee benefit that commits the employer to make regular contributions to a pool of money that is set aside in order to fund payments made to eligible employees after they retire
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| portfolio | A collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including closed-end funds and exchange traded funds (ETFs)
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| security | The condition of having stable income or other resources to support a standard of living now and in the foreseeable future
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