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242 Cards in this Set
- Front
- Back
job
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specific task or stint of work
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functional resume
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when you list a brief summary of your experience and specify skills and abilities
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transferable skills
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common to a number of jobs and can be adapted to a particular employer's need
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self management skills
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personality traits that help an employer decide if your temperament suits a particular job
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job content skills
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related to job-specific tools and tasks.
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biweekly paycheck
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paid every two weeks for a total of 26 paychecks per year
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semimonthly
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twice a month, 24/yr
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monthly
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once a month 12/yr
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wage
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payment for labor or services performed
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hourly wage
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required to work certain amount of hrs/week
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overtime
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1.5 times regular hourly pay usually
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salary
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fixed rate of pay for labor or services
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minimum wage
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lowest hourly wage that can be paid to an employee
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tips
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less than minimum wage, but also benefits of tips
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commission
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you earn a percentae of the amount of sales u make
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piecework rate
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you earn a set amount for each piece produced or for each piece produced that exceeds expected level of production
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deductions
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money taken out of a person's paycheck
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payroll taxes
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deducted for federal state, and social security taxes
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gross pay
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salary or wages received before taxes and other deductions are taken out
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net pay
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amount of money and employee takes home after deductions
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paycheck
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the part you deposit in an account
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paycheck stub
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record of gross pay and deductions
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exempt
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meaning no taxes will be withheld from your pay
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Form W-2
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A wage and tax statement, provides record of wages earned and total tax deductions
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income taxes
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taxes on wages, salary, interest, dividents, tips, etc required by US
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tax refund
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amount returned by govt. because a taxpayer had paid more than owed
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3 main types of financial institutions offering checking accounts
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commercial banks, savings and loan associations, and credit unions
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credit union
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nonprofit organization with membership limited to a particular group
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share draft accounts
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interest-bearing checking accounts
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charter
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a document that gives an institution authority to operate.
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teller
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person at the counter of a bank
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service charge
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fee that the financial institution charges for checking account services
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blank endorsement
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when you cash or deposit a check made out to you, and u endorse the check by signing your name on the back
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restrictive endorsement
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to deposit a check and receive no cash
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endorsement in full
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when you receive a check, but pay someone else with it (3rd party check)
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stale check
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keeping a check longer than 6 months
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outstanding checks
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checks written but not recived by a bank
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reconciliation statement
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balances your check stub record or check register with the bank's statement
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simple interest
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amount of money you earn on the money you deposit
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principal
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amount of money deposited
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time
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number of years or months the money is deposited
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rate of interest
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the amount paid on each dollar saved during a time period
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interest
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what you earn by allowing the bank to use your money
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yield
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the amount your money will earn in interest
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liquidity
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money deposited into savings that can be easily and quickly turned into cash
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low minimum balance
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small deposit required to open some savings accounts.
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safety of amount deposited
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most banks offer insurance to cover up to $100,000 per account
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certificate of depoisit (CD)
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an account with a high rate of interest but with many restrictions, including penalties for early withdrawal
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money market depoisit accounts (MMDA's)
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an account with a variable rate of interest that may be higher or lower than the other types of accounts
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Electronic fund transfers (EFT)
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eliminate costly and time consuming procedures of handling, and processing checks, deposit slips, etc. Most common is ATM
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point-of-sale transfers (POS)
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type of EFT, you can pay a retailer or seller by using a debit card instead of check or currency
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certified check
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personal check you write which the bank certifies to guarantee its payment
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cashier's check
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often used by financial institutions to pay their own bills
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traveler's checks
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bought from agency/bank in certain amounts for traveling
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money order
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also called a register check or personal money order, serves same purpose of cashier's check
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safe-deposit boxes
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containers inside the vaults of banks that you can rent, provede protection for valuables
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credit worthiness
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determined by three factors, character, capacity, and capital
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credit standing/rating
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indications of your ability to pay for goods or services, established over time
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credit bureaus
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provide credit information about you, and your credit history
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Consumer Credit Reporting Reform Act of '96
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makes it easier for you to correct mistakes on credit report
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equal credit opportunity act of '75
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outlawed sex discrimination and discrimination because of marital status in the granting of credit
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Fair debt collections practices act of '77
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designed to stop abuisve practices used by some debt collectors.
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five main areas of credit scoring
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payment history, current debt, length of credit history, new accounts and inquiries, kind of credit
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personal/shor-term/intermediate-term loans
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loans that are for relatively small amounts
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long-term loans
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loans for larger purchases
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savings and loan associations
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specialize in loans for buying real estate
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life insurance companies
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may allow a policyholder to borrow against some types of insurance policies
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consumer finance companies
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often lend to consumers who do not have an established credit standing, higher rate of interest
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credit unions
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orgainizations that grant small loans to their members
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pawnbrokers
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charge extremely high interest rates, you must turn over personal property
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loan sharks
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unlicensed lenders who operate openly in states without usury laws
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usury laws
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limit the rate of interst a lender may charge
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single-payment loan
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lump sum loan to be repaid at the end of a certain period of tiime
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installment loan
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repaid with interest in a series of payments
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promissory note
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written promise to repay borrowed money at a certain time
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secured loan
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backed by something of value pleged to insure payment of the loan
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collateral
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the property used as a security for a loan
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interest
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the amount paid for the use of borrowed money
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finance charge
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the total dollar amount you pay to use credit; can be more than interest
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alimony
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an allowance maid to your former spouse for support after a legal separation
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assets
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property that you own
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bankrupt
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financial situation in which your debts are greater than the total value of your assets
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cash value
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the amount of an insurance policy that an insurance company will lend to a policyholder
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co-applicant/joing applicant/cosigner
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someone who signs a loan with you and promises to repay the debt if you do not repay it
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co-owners
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joint ownership; two or more people share ownership rights
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creditor
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someone to whom you owe money
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credit references
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people who will cecommend that you are a good credit risk
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debt
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money owed
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debt balance
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amount still owed on a debt
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default
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failure to fulfill the terms of the loan agreement
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dependents
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those who rely on you for financial support
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liabilities
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financial obligations, such as a car loan
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mortgage
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legal contract giving the lender ownership of real estate in case you do not repay a loan
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mortgage holder
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person or institution to whom you make mortgage payments
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proceeds
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the amount of money a borrower or policy holder receives
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real estate
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land and anything attatched to it
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repossess, reclaim
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to take back what was sold on an installment plan if payments are not made as agreed
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securities
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another name for stocks and bonds
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unsatisfied judgement
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deliquent debt; payment that is over due
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rule of 78's
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method of calculating interest
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defalut payment clause
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explains a late mayment charge or penalty
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deficiency clause
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one in which a creditor can repossess or take back, and resell goods
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security interest
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an agreement where the creditor keeps the ownership of goods until you complete all the payments
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wage assignment/garnishment
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clause that allows a lender to collect a portion of your wages if you have defaulted on a loan
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disclaimer
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agreement between the creditor and you that unwritten promises will not be recognized by the court in hte case of a disagreement
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line of credit
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refers to maximum amount you can charge at any one time
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budget
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plan for spending and saving money
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fixed expenses
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bills that you must pay every month or during certain months throughout the year
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fee-for service plan
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you pay for the services as you use them
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benefits summary
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summary of medical and other services covered
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indemnity plan
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type of policy where the insurance company sends you a percentage of the bill
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co-insurance
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the portion of covered medical expenses that you pay
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deductible
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the dollar amount you must pay each year before the insurance company will pay any portion of your medical expenses
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policyholder
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person who purchases the policy
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policy
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an insurance contracty
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insurance agent/broker
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person who sells insurance
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premium
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amount paid for insurance
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coverage
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items or circumstances for which the insured is promised payment
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claims
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formal requests for payment of amount or a percentage of the financial loss
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providers
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doctors, hospitals, clinics, or other health care services
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benefits
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payment for financial loss
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managed care plan
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prepaid care, rather than pay a deductible, u pay a premium which pays for your care in advanced
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copay
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set amount for an office visit or prescription
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exclusions
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services they will not cover
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concealment
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unlawful withholding of information
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preexisting conditions
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medical conditions that are treated or diagnosed before you buy a policy
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disability income insurance
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pays a portion of your salary if you are unable to work because of illness or injury
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worker's compensation
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health insurance provided by the state government for employees who suffer injuries or illness as a result of working conditions
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term insurance policy
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provides protection only; insures your life for a specified number of years
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cash-value policy
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combines protection and savings
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beneficiary
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person named in the policy who receives the amount stated in the policy
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renewability
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the option to buy iinsurance for another term when the current term expires
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convertible term policy
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can be changed into a cash-value policy
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level term policies
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premiums and dollar coverage remain hte same the entire time the policy is in effect
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decreasing term policy
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your premiums rmain the same but the dollar coverage of the policy gets smaller each year
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face value
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dollar amount of insurance coverage on a policy
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limited-payment life/paid-up whole life
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the insurance protections lasts for life, but the premium payments stop at a certain age
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modified whole life
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typically a cash value policin in which the premiums are lower in the early years of payment on the policy and increase later
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endowment plan
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another form of cash-value life insurance, which protects you for a stated number of years
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cash value
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the amount paid to you if you or the insurance company cancel the policy
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universal life insurance
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combination of term and cash-value insurance
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retirement income
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the amount of benefits a retiree receives, full benefits start at 65...now 67
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401(k)
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retirement plan where contributions are made through your employer
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tax deferred
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you do not pay taxes on the money when you earn it you pay taxes on the money when it is withdrawan from the IRA fund (IRA=Individual Retirement Accounts)
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Roth IRA
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different from IRA; Roth IRA money is not tax deferred
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risks
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requires a higher payment of insurance ie. age, gender, marital status, etc (known as driver classification)
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traffic violations
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include speeding, reckless driving, and accidents, not parking tickets though
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principal operators
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main operators of vehicles
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rating territory
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city, or rural area that affects the price of premiums on auto insurance
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driving record
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affects rates, offical list of recent traffic violations
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toatled
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the cost to fix the damaged car exceeds the car's worth
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claims history
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affects rates; the history of claims made to fix damage
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limits of protection
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amount of coverage
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Liability
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the damage you may be held legally responsible for as a result of an accident in which you are at fault
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property damage liability insurance
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company pays for the cost of the damage to the other person's car or property, and also covers bodily injury costs up the the set amount
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single-limit basis
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one amount that the company will pay for any one accident
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split-limit basis
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separate limits are set for different categories
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general liability
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covers damage you cause to other people's property and injuries to accident victims
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collision insurance
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covers damages to your car only
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comprehensive physical damage coverage
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protects you against possible loss when the car is damaged in any way through no fault of your own, or when car is stolen
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medical payment coverage
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pays accident-related medical expenses incurred for one year after an accident
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uninsured motorists protection and underinsured motorist protection
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insures you against hit-and-run drivers and drivers with little or no insurance.
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no-fault insurance
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insurance company pays for bodily injuries to you and your passengers, no matter who caused the accident
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wage-loss coverage
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reimburses you for income lost while you are recovering from auto injury
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substitute-service coverage
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coverage for services that you cannot perform for yourself because of an auto-related injury
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property protection
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pays for losses to the house and other property
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real property
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includes physical structures that are attatched to the land, such as home, garage, and fences
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floater policy
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"floats" wherever the property goes...ie. necklace stolen in france is covered
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umbrella policies
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cover more than just bodily injury and property damage
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depreciation
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decrease in value of property as it becomes older and starts to wear out
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lemon
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car or any other product that is defective
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warranty
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promise by a manufacturer or dealer that a product is of certain quality and the defective parts will be replaced within a certain period of time
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late model
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used car that is only a few years old
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mulroney label
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list of standard equipment in the vehicle
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invoice price
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price dealer pays
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sticker price
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price you pay
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margin
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the amount you negotiate with the dealer between invoice and sticker price
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sales agreement
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contract to purchase or lease a vehicle
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gap protection
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pays the difference between the value of your toatled car and the amount left on your loan or lease
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balloon payment
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the difference between what you have paid on the car and the amount of depreciation
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closed-end lease
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rate of depreciation is guaranteed before the lease by a bank or finance company
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tenants
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the people who pay rent to live in the apartment building
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lease
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written contract allowing use of the owner's property for a specified time period
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equity
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the difference between the value of your home and the amount you owe
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down payment
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the amount of money put down at time of purchase
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closing costs
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fees you must pay after you agree to buy a house
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morgage
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loan wehre the amount borrowed is repaid to the lender with interest
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principal
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amount owed
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real estate mortgage
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contract between the borrower and lender for purpose of buying property
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mortgage redemption insurance
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form of life insurance whereby the balance of the loan is paid by the insurance company if the borrower should die before the loan is repaid
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property taxes
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the seller may be entitled to a refund for a portion of the year for which property taxes were paid
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attorney's fees
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for preparing and checking legal documents of the sale and the mortgage
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loan origination fee or points
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some lenders charge fees or commissions for granting the loan
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title
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legal right to own property
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recording fee
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for the deed to the property
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deed
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written evidence of the ownership of a piece of property
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appraisal fee
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charge for examining and determining the value of the property
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title insurance
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policy that protects the lender's interest in the property against the claims of others if the claims were not discovered by the title search or examination
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counteroffer
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price above your offer but lower than the original price
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earnest money
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proves you're serious about buying the home, later subtracted from selling price
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escrow agent
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third neutral party
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scams
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fraudulent or deceptive schemes
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contract
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legal agreement between two or more people that establishes legal obligation
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competent
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capable of understanding the terms of the contract
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consideration
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payment for the product or service described in the contract
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bill of sale
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type of written contract, includes purchases and signature of buyer and seller
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full warranty
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includes repair within reasonable time, full replacement or refund
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limited warranty
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coverage for parts but not labor, partial refunds, etc
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return
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percentage increase of the initial investment
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dividend
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regular payment made by a company to its owners from the profits the company makes
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corporation
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business owned by many people
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capital gain
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selling stock for more than you paid for it
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blue chip stocks
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stocks of corporations that have a reputatuon for financial stability, superior management, and a long record of growth and earnings
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broker
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person authorized to buy and sell securities, namely stocks and bonds
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commission
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fee for service
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discount brokers
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buy and sell stocks for customers for low commissions without giving investment advice
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exchanges
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where stocks are traded
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round lot
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shares of stocks in hundreds
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odd lot
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purchase of stocks less than a hundred shares
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preferred stock
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buyers are promised a fixed dividend, no voting rights
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common stock
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buyers have right to vote on important company issues
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bond
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written proof of an obligation to pay a certain amount of money, with interst, at a specified date in the future
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treasury bills
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short-term securities issued with maturities of a certain number of weeks
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treasury notes
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have a maturity of at least one year but less than ten years from date of issue
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treasury bonds
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have maturity of atleast ten years
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municipal bond
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bonds issued by states, counties, cities, and other govt. bodies
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corporate bonds
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bonds issued by corporations
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mutual fund
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corporation that sells its own stock to buy the securities of other companies and organizations
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strike price
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a certain price that u buy or sell stock
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stock options
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agreements that allow you to buy or sell stock at a certain price
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investment clubs
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consists of a small group organized to study stocks and invest members' money
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economics
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the study of how goods and services get produced and how they are distributed
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scarcity
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we do not have and cannot have enough wealth or resources to satisfy our every desire
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opportunity cost
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the things we give up when we make certain choices
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needs
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basics such as food, clothing, shelter, etc
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wants
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goods or services not necessary but desired
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microeconomics
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deals with economic topics and economic deisions from an individual's or small business perspective, which includes individual companies and small groups of consumers
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macroeconomics
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study of the economy as a whole (inflation, govt. spending, unemployment, interest rates, taxation levels, etc)
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supply
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refers to how many of a certain good or service is available for people to purchase
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demand
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how many people wish to buy that good or service
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equilibrium price
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price at which quantity demanded
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equilibrium quantity
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when the quantity demanded is equal to the quantity supplied
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