Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
What is a bank statement? |
Once a month statement from the bank to help you balance your checkbook |
|
|
What is a money market account? |
Low interest account that you have access to |
|
|
What is default? |
When a person fails to pay back a loan...he has defaulted on a loan |
|
|
What is principal? |
The principle is the actual amount borrowed |
|
|
What is interest? |
The money a customer pays above the actual amount borrowed |
|
|
What is a mortgage? |
A loan on real estate |
|
|
What is the best thing about a fixed mortgage loan? |
You'll pay the same fee every year |
|
|
What is an ARM? |
An adjustable rate mortgage |
|
|
What are mutual funds? |
Multiple stocks of multiple companies |
|
|
What are good investments for income and growth? |
Shared account Personalized savings account CD(certificates of deposits) Money market deposit accounts IRA(individual retirement account) Stock Mutual funds |
|
|
What is a bond? |
A debt investment in which an investor loans money to an entity for a defined period of time at a variable or fixed interest rate |
|
|
What are examples of taxed retirement plans? |
CD accounts, mutual funds, stock |
|
|
What are examples of taxed deferred retirement plans? |
401k, 403B, IRA, Pension |
|
|
What are examples of tax free retirement plans? |
Roth IRA and variable life insurance |
|
|
What are different types of loans? |
Personal, auto, rv, mortgage, home equity credit, student, and personal loans |
|
|
What is an installment loan? |
A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan |
|
|
What is revolving credit? |
A type of credit that does not have a fixed number of payments like a credit card |
|
|
How your credit score is totaled? |
30% outstanding balance 15% length of credit history 10% new credit 10% types of credit |
|
|
How long does bankruptcy stay on your credit report? |
10 years |
|
|
What ages do you need to receive social security? |
62 and 65 is partial retirement 67 for full retirement |
