Arkansas Intro to Finance EOC review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Adjusted gross income | the result of adjustments subtracted from gross income
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| Assets | items of value that a person owns
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| Benefits | company-provided supplements to salaries, such as sick pay, vacation time, and health insurance
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| Budget | a spending and saving plan based on your expected income and expenses
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| Canceled check | a check that bears the bank's stamp, indicating it has cleared
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| Check | a written order to a bank to pay the stated amount to the person or business (payee) named on it
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| Checkbook register | a booklet used to record checking account transactions
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| Deductions | amounts subtracted from gross pay
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| Disposable income | the money left to spend or save after taxes have been paid
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| Endorsement | a written amendment to an insurance policy
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| Exemption | an amount you may subtract from your income for each person who depends on your income to live
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| Financial plan | a set of goals for spending, saving, and investing the money you earn
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| Fixed expenses | costs you are obligated to pay at specific times, regardless of other events
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| Gross income | all taxable income received, including wages, tips, salaries, interest, dividends, unemployment
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| Gross pay | the total amount you earn before any deductions are subtracted
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| Incentive pay | money offered to encourage employees to strive for higher levels of performance
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| Liabilities | amounts of money owed to others
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| Net pay | the amount left after all deductions have been taken out of your gross pay
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| Overdraft | a check written for more money than your account contains
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| Overtime | the time worked beyond the regular hours; usually more than 40 hours in a five-day period
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| Reconciliation | the process of matching your checkbook register with the bank statement
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| Revenue | money collected by the government from residents and businesses in the form of taxes
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| Standard deduction | a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions
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| Taxable income | the income on which you pay tax
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| Tax brackets | income ranges to which tax rates apply
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| Tax credit | an amount subtracted directly from the tax owed
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| Tax evasion | willful failure to pay taxes
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| Variable expense | costs that vary in amount and type, depending on events and the choices you make
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| Annual percentage rate (APR) | the cost of credit expressed as a yearly percentage
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| Bankruptcy | a legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay
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| Capacity | the ability to repay a loan with present income
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| Capital | property possessed that is worth more than debts owed
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| Character | a responsible attitude toward living up to agreements
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| Closed-ended credit | a loan for a specific amount that must be repaid in full, including all finance charges, by a stated due date
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| Collateral | property pledged to a creditor to assure repayment of a loan
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| Comparison shopping | a shopping method that enables consumers to determine whether they are getting the best quality for the price
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| Consumer advocate | a person who actively promotes consumer causes
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| Co-signer | a person who promises in writing to repay a promissory note if the maker fails to pay
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| Credit | money borrowed to buy something now with an agreement to pay for it later
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| Credit bureau | a company that gathers, stores, and sells credit information to business subscribers
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| Credit history | the complete record of your borrowing and repayment performance
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| Credit rating | a measure of credit-worthiness based on an analysis of a consumer's financial history
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| Credit report | a written statement of a consumer's credit history issued by a credit bureau to its business subscribers
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| Debtor | a person who owes money to others
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| Discharged debts | debts erased by the court during bankruptcy proceedings
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| Discrimination | treating people differently based on prejudice rather than individual merit
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| Down payment | a part of the purchase price paid in cash up front, reducing the amount of a loan
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| Finance charge | the total dollar amount of all interest and fees you pay for the use of credit
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| Finance companies | small loan companies that usually charge high interest rates
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| Fixed-rate loans | loans for which the interest rate does not change (up or down) over the life of the loan
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| Fraud | the intentional misrepresentation of information with the intent to deceive or mislead
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| Garnishment | a legal process that allows part of your paycheck to be withheld for payment of a debt
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| Interest rate | the percentage charged for the use of money
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| Line of credit | a pre-established amount that can be borrowed on demand with no collateral
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| Needs | ingredients necessary for maintaining physical life
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| Open-ended credit | an agreement to lend the borrower an amount up to a stated limit and to allow borrowing up to that limit again whenever the balance falls below the limit
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| Opportunity cost | the value of your next best alternative whenever you make a choice
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| Prime rate | the interest rate lenders offer to their best business customers
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| Principal | the amount borrowed, or the unpaid portion of the amount borrowed, on which the borrower pays interest
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| Service credit | an agreement to have a service performed now and pay for it later
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| Simple interest | interest computed on the amount borrowed only without compounding
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| Statement | an itemized bill showing charges, credit, and payments posted to your account during the billing period
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| Time | the length of time the borrower will take to repay a loan; expressed as a fraction of a year
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| 20/10 rule | your total borrowing should not exceed 20 percent of your yearly take-home pay, and you should not take on monthly payments that total more than 10 percent of your monthly take-home pay
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| Unsecured debt | a loan that is not backed by pledged assets
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| Unused credit | the remaining credit available to you; calculated as your credit limit minus the amount you have already spent
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| Values | the ideals in life that are important to you and affect your decision making
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| Adjustable-rate mortgage (ARM) | a mortgage for which the interest rate changes in response to the movement of interest rates in the economyas a whole
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| Annuity | a contract sold by an insurance company that provides an investor with a series of regular payments, usually after retirement
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| Bonds | debt obligations of corporations or state or local governments
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| Capital gain | an increase in the value of stock above the price initially paid for it
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| Collision coverage | automobile insurance that protects your own car against damage from accidents or vehicle overturning
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| Deed | a document that transfers title of real property from one party to another
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| Depreciation | in real estate, the decline in value of property due to normal wear and tear
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| Disability insurance | an insurance plan that makes regular payments to replace income lost when illness or injury prevents the insured from working
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| Dividends | the part of the corporation's profits paid to stockholders
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| Equity | the difference between the market value of property and the amount owed on it
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| Estate | all that a person owns, less debts owed, at the time of the person's death
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| Estate planning | preparing a plan for transferring property during one's lifetime and at one's death
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| Fixed-rate mortgage | a mortgage on which the interest rate does not change during the term of the loan
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| Futures | contracts to buy and sell commodities or stocks for a specified price on a specified date in the future
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| Homeowner's policy | insurance that protects property owners from property and liability risks
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| Individual retirement account (IRA) | a retirement savings plan that allows individuals to set aside money in tax-deferred savings up to a limit set by the government
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| Inflation | a rise in the general level of prices
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| Insurance | a method of spreading individual risk among a large group of people to make losses more affordable for all
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| Insurer | a business that agrees to pay the cost of potential future losses in exchange for regular fee payments
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| Interest | money paid for the use of money; earnings on a savings account
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| Investing | the use of savings to earn a financial return
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| Landlord | the owner of rental property
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| Lease | a written agreement that allows a tenant to use property for a specified time period and rent
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| Liability coverage | insurance to protect against claims for bodily injury to another person or damage to another person' s property
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| Lien | a financial claim on property
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| Life insurance | insurance that provides funds to the beneficiaries when the insured dies
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| Market value | the price for which a stock is bought and sold in the marketplace
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| Money market account | a combination savings-investment plan in which money deposited is used to purchase safe, liquid securities
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| Mortgage | a loan to purchase real estate
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| Mutual fund | a large, professionally managed group of investments
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| Personal risk | chances of loss involving income and standard of living
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| Policy | a written insurance contract
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| Policyholder | the person who owns an insurance policy
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| Power of attorney | a legal document authorizing someone to act on your behalf
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| Principal | the amount of money deposited by a saver
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| Property risk | the chances of loss or harm to personal or real property
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| Real estate | land and any buildings on it
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| Renter's policy | insurance that protects renters from property and liability risks
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| Risk management | an organized strategy for controlling financial loss from pure risks
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| Securities | stocks and bonds issued by corporations or the government
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| Security deposit | a refundable amount paid in advance to protect the owner against damage or nonpayment
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| Stockbroker | an employee of a brokerage firm who buys and sells securities for investors
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| Stockholders | shareholders; owners of a corporation
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| Tenant | the person who rents property from a landlord
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| Title | a legal document that establishes ownership
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| Vehicle Identification Number (VIN) | a unique number that identifies an automobile
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