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34 Cards in this Set
- Front
- Back
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401(k) plan
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A retirement savings plan that enables employees to make tax-deferred or taxedcontributions through payroll deductions.
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account holder
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Anyone authorized to perform transactions in an account.
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accrued interest
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The amount added to the principal at regular time periods.
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annual percentage yield (APY)
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The rate of return on an investment for a one-year period.
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benefits
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Services, privileges, or rights that an employer provides in addition to the employee’s wagesor salary.
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certificate of deposit (CD)
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A savings account that requires a specific amount of money be held ondeposit for a specific amount of time; also called a time deposit or fixed deposit
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compensation
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Wages and financial benefits earned by working.
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compound interest
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Interest paid on interest.
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contribution
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An IRA deposit.
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custodial account
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A savings account managed by an adult for a minor.
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defined benefit plan.
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A retirement savings plan with a fixed amount of money that is provided toretired employees and is determined by qualifications, not company profit.
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defined contribution plan
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A retirement savings plan with a fixed maximum amount that can becontributed each year.
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deposit
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Money placed or transferred into a bank account.
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deposit slip
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A form that an account holder fills out when making a deposit that is a record of depositinformation.
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distribution
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An IRA withdrawal.
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fixed deposit
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A savings account that requires a specific amount of money be held on deposit for aspecific amount of time.
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individual retirement account (IRA)
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An interest-earning savings account in which incometaxes are deferred on some deposits and all interest until all or part of the balance is withdrawn atretirement age.
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interest
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A fee charged for borrowing money
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jumbo CD
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A CD for a large amount of money, usually $100,000 or more, with a high interest rate.
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liquidity
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The ability of a financial asset to be quickly converted into cash without any financial loss;having enough cash available to meet normal withdrawals.
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mature
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When the fixed term of a CD expires and the account can be accessed without paying apenalty.
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money market account.
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A savings account that pays a higher interest rate and requires a higherminimum balance than a traditional savings account.
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passbook
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A small book kept by an account holder that is a record of savings account transactions.
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penalty
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A fee for breaking the terms of an account.
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pension
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A fixed sum of money a company provides for its retired employees.
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principal
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An initial amount of money that is loaned or deposited.
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remote deposit capture.
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Records deposit information that the account holder would otherwise haveto enter manually when making an electronic deposit.
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retirement.
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A person’s withdrawal from active participation in a job or business.
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savings.
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The portion of income that is not spent.
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SIMPLE IRA plan
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An IRA-based retirement savings plan that gives small employers a simplifiedmethod to make contributions toward their employees’ retirement.
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Simplified Employee Pension (SEP)
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A retirement savings plan established by a business for itsemployees or owners to which the business directly contributes.
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social security.
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A federal program that includes financial benefits intended to supplement retirementsavings for Americans.s
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statement
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A record that shows all of the activity that has occurred in an account during a coveredtime period.
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time deposit
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A savings account that requires a specific amount of money be held on deposit for aspecific amount of time.
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