Financial Algebra Final Review - terms

Front

Annual percentage rate

Back

The annual rate charged for borrowing or earned through an investment, expressed as a percentage.

Front

Credit reporting agency

Back

A company that collects and maintains individual credit information and sells it to lenders, creditors, and consumers in the form of a credit report.

Front

Insufficient Funds

Back

A situation where an account does not have enough money to cover a transaction or withdrawal.

Front

Wage garnishment

Back

A legal procedure in which a portion of a person's earnings is required to be withheld by an employer for the payment of a debt.

Front

Principal

Back

The original sum of money borrowed in a loan or put into an investment.

Front

Direct deposit

Back

An electronic transfer of a payment directly from the account of the payer to the recipient's account.

Front

Compound interest

Back

Interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.

Front

Technical school

Back

An educational institution that focuses on teaching specific skills related to a particular career or trade.

Front

Associate degree

Back

An undergraduate academic degree awarded by colleges and universities upon completion of a course of study lasting two years.

Front

Grant

Back

A sum of money given by an organization, especially a government, for a particular purpose.