Everfi – Flashcard
Unlock all answers in this set
Unlock answersquestion
A retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes
answer
401K
question
A degree granted after two years of study, often by a community or junior college
answer
Associates Degree
question
Each bank account has a unique account number. The account number can be found at the bottom of a check. The second range of numbers in the series of numbers at the bottom of a check that tells the bank cashing the check which account to pull the money from.
answer
Account Number
question
Each bank account has a unique account number. The account number can be found at the bottom of a check. The second range of numbers in the series of numbers at the bottom of a check that tells the bank cashing the check which account to pull the money from.
answer
Account Number
question
Another name for the interest rate charged on the balance of a credit card
answer
Annual Percentage Rate
question
Type of insurance that protects a policyholder in the case of a car accident. Most states require it by law.
answer
Auto Insurance
question
A degree awarded by a college or university for completing undergraduate studies.
answer
Bachelors Degree
question
The total amount of money in a banking account at any given time.
answer
Balance
question
basically a loan, except you are the lender.
answer
Bonds
question
plan of how you will spend the money that you make or receive
answer
budget
question
loan of cash you obtain with a credit card
answer
cash advance
question
type of savings vehicle in which you put your money away for a certain amount of time to allow your principal to earn interest
answer
Certificate of Deposit
question
payment type that works just like credit cards except the balance must be paid in full every month
answer
charge card
question
another name for a debit card
answer
check card
question
A bank account that allows a customer to deposit and withdraw money and write checks. Using this can be safer and more convenient than handling cash.
answer
checking account
question
A small, specially coded plastic card issued by a bank, business, etc., authorizing the cardholder to purchase goods or services on credit.
answer
credit card
question
The complete record of your credit performance. It helps creditors gauge your ability to pay back new debts
answer
credit history
question
Max amount of money that may be borrowed at one time
answer
credit limit
question
A report on a persons creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances
answer
credit report
question
A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower.
answer
credit score
question
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
answer
debit card
question
An automatic deposit of a paycheck without having to take a physical check to the bank.
answer
direct deposit
question
-Free Application for Federal Student Aid. The almost universal application for financial aid, including loans, grants, college work-study and other federal and state programs. It is often required before a student can be considered for scholarships also.
answer
FAFSA
question
Federal Deposit Insurance Corporation: a federally sponsored corporation that insures accounts in national banks and other qualified institutions
answer
FDIC
question
A payroll deduction collected by employers by law and sent to the federal government to support governmental programs.
answer
Federal Income Tax
question
Federal Student Loans offer a fixed interest rate, they charge lower interest rates than private loans, and they do not require a credit check
answer
Federal Student Loans
question
A federally funded program that helps college students earn aid through part-time work. Students find jobs through their college. The money goes toward paying college expenses.
answer
Federal Work-Study Program
question
an interest rate that does not change over time.
answer
Fixed Rate
question
A time period during which no finance charges will be added to your account
answer
Grace Period
question
given to students to help pay for their education and do not have to be repaid
answer
Grant
question
a type of insurance that covers the cost of medical expenses
answer
health insurance
question
type of insurance that covers your home as well as your possessions inside it in case of damage or loss
answer
homeowners insurance
question
a retirement account designed for individual savers that offers tax savings, but as contribution limits and withdrawal restrictions
answer
IRA
question
Government Agency who is responsible for collecting taxes.
answer
IRS
question
Money earned from investments and employment.
answer
Income
question
Percentage of amount borrowed to be added to the amount loaned and paid back
answer
Interest rate
question
A sum paid or charged for the use of money or for borrowing money
answer
Interest
question
a contract granting use or occupation of property during a specified time for a specified payment
answer
Lease
question
insurance paid to named beneficiaries when the insured person dies
answer
Life Insurance
question
the smallest amount you can pay and remain a borrower in good standing
answer
Minimum Monthly Payment
question
A loan to purchase a home or other real estate
answer
Mortgage
question
Payday lenders offer small cash loans, usually in the range of $100 to $500, with payment due in full at the borrowers next paycheck. High Interest.
answer
Payday Lenders
question
Payments you have made on all credit you have obtained, which affects your credit score.
answer
Payment History
question
Need based federal student aid grant for undergraduate students ranging from $200 to $3750 annually
answer
Pell Grant
question
common federal student loan. These loans have a set 5% interest rate and a 10 year repayment period.
answer
Perkins Loan
question
(1) A sum loaned or employed as a fund or an investment, as distinguished from its income or profits. (2) The original amount (as in loan) of the total due and payable at a certain date.
answer
principal
question
financed by private companies rather than government. since these interest rates and fees arent capped by government - they cost more.
answer
Private Student Loans
question
a type of insurance that covers the loss of a tenants personal property as a result of damage or theft
answer
Renters Insurance
question
A certain amount of money that must be kept in your account at all times or you may be penalized.
answer
Required Balance
question
nine digit bank code used in US on bottom left of checks used to identify the financial institution on which it was drawn, matches to the bank that you bank at
answer
Routing Number
question
A mathematical method that can be used to show how long it will take to double your money in an investment simply by dividing 72 by the rate of interest.
answer
Rule of 72
question
A tax on a sale of merchandise or services.
answer
Sales Tax
question
A bank account which accrues interest in exchange for use of the money on deposit.
answer
Savings Account
question
A sum of money or other aid granted to a student, because of merit, need, etc , to pursue his or her studies
answer
Scholarship
question
guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health
answer
Social Security
question
A Stafford Loan is a student loan offered to eligible students enrolled in accredited American institutions of higher education to help finance their education
answer
Stafford Loan
question
A payroll deduction collected by employers by law and sent to the state government to support state services.
answer
State Income Tax
question
A certificate of ownership in a corporation
answer
Stock
question
This is a type of federal student loan on which the government pays the interest that accrues while a student is in school
answer
Subsidized Student Loan
question
will start accruing interest from the time the loan is taken out
answer
Unsubsidized Student Loan
question
The form given to employees detailing the income received and taxes paid over the previous year.
answer
W-2
question
A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes.
answer
W-4
