Personal Finance Vocab Flashcard Part 2

Front

A company that lends customers small amounts of money at high interest rates, on the agreement that the loan will be repaid when the borrower receives their next paycheck is called?

Back

payday lender

Front

An _________ ___ is what a bank charges you any time you withdraw more money from your account than what you have in it.

Back

overdraft fee

Front

______________ is a digital currency, which is an alternative form of payment created using encryption algorithms.

Back

cryptocurrency

Front

________ _________ is when you earn interest on both the money you've saved and the interest you earn.

Back

compound interest

Front

_____ ____ savings will typically be spent within 5 years for things such as emergencies, weddings, rent payment, etc.

Back

short term

Front

What is a company that brings together money from many people and invests it in stocks, bonds or other assets called?

Back

mutual funds

Front

An interest rate that adjusts over time in response to changes in the market is called a?

Back

variable interest rate

Front

An account set up at a financial institution that allows an individual to save for retirement with tax-free growth is a __________ ________?

Back

retirement account

Front

Which is a type of lender that uses your vehicle title as collateral to secure your loan?

Back

title pawn lender

Front

A _____ is an investment that represents a share, or partial ownership, of a company.

Back

stock