What is the definition of 'Assets'?

Anything such as cars, our home, collections, or savings that are of monetary value

The cycle of money available in the form of income and then spent on expenditures

What is 'Fixed Expense'?

An expense that remains the same from month to month.

Money received from wages, allowance, child support, interest, or monetary gifts

Readily available cash that you have on hand

What is the definition of 'Consumer'?

A person who uses goods and services, usually in exchange for money.

What does 'Consumer credit' refer to?

Credit extended to consumers for personal needs, not business needs

What is 'Financial planning'?

A tool that allows us to define our financial goals by assessing our current financial situations and then planning what we need to do to achieve those goals

What is 'Procrastination'?

To put off doing something, especially out of constant carelessness or laziness

What are 'Certificates of Deposit (CDs)'?

Accounts where you leave your money for a set period of time, usually earning a higher rate of interest than in a regular savings account

What does "Financial opportunity" relate to?

A good chance for financial advancement, such as an investment opportunity.

What is an Individual Retirement Account (IRA)?

An individual account set up with a financial institution for personal savings and investments, tax deferred.

What does "Interest" refer to in financial terms?

Money paid regularly at a particular rate for the use of money lent or for delaying the repayment of a debt

What does "Liquidity" refer to?

The ease with which an asset can be turned into cash without losing its value

What is a "Money market account"?

An account that usually pays a higher rate of interest than a regular savings account

What is a "Mutual fund"?

A professionally managed collection of money from a group of investors

What is a "Savings account"?

An account where you can place money to be saved and it will earn interest

What happens when you buy stocks (shares)?

You become a part-owner of the company.

What does the Truth in Lending Act (TILA) protect you against?

Inaccurate and unfair credit billing and credit card practices.

What does the Federal Deposit Insurance Corporation (FDIC) insure?

Bank deposits up to $250,000.00

What is an ATM Machine used for?

To make deposits, withdraw cash, and transfer money

What is a mutual fund?

Shares sold to investors to collect a pool of money to buy a variety of investments.

What is the purpose of Overdraft Protection?

To protect someone if a check is written for more money than in the account.

What does a PIN (Personal Identification Number) do?

It is used to keep your debit card secure.

A fractional share of ownership in a company.

What is a credit limit?

The maximum amount of money the loaner agrees to lend

What is a credit report?

A detailed report summarizing the history of purchases made on credit and payment history.

What is a credit score?

A number representing your ability to repay a loan.

What is a grace period?

A period of 25-30 days in which no interest is charged on a credit card if the balance is paid off.

What is installment credit?

Monthly payments for a set length of time

Money paid for the use of someone else’s money

What is the minimum payment?

The least amount the consumer must pay on revolving credit

A loan obtained to purchase real estate

What is the principal?

The amount of money owed on the loan without the cost of interest.

What is revolving credit?

Open-ended credit which allows the person to charge an item, pay part or all of it off, then charge again.

A person who pays for a product or service

What are Consumer Services?

Services provided to consumers of a product by the company that produces, markets, or supports the product

What is the definition of Education?

The act or process of acquiring knowledge

Dollars and Sense Review NHS Flashcards

Student preview

80 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Which term refers to the money received, especially on a regular basis, for work or through investments?

Back

Income

2.

FLASHCARD QUESTION

Front

Which term refers to the amount of money that is taken out of an employee's paycheck for taxes?

Back

Withholding

3.

FLASHCARD QUESTION

Front

What is the term for the total amount of money required to live, including housing, food, taxes, and other necessities?

Back

Cost of Living

4.

FLASHCARD QUESTION

Front

What is the definition of a consumer?

Back

One that utilizes economic goods

5.

FLASHCARD QUESTION

Front

What is compound interest?

Back

Earning interest on the principal plus the interest you have already earned

6.

FLASHCARD QUESTION

Front

What is a mortgage?

Back

A conveyance of or lien against property that becomes void upon payment or performance according to stipulated terms.

7.

FLASHCARD QUESTION

Front

What is personal finance?

Back

Financial issues that can affect an individual

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