Hunter Midterm: Unit 1-6

A popular savings rule of thumb in which 50% of your income goes towards necessities, 20% goes towards saving and debt repayment, and 30% goes towards flexible spending

• Thumb's Rule of Saving

• 50-20-30

• 50-30-20

• Fobres Saving Structure

A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time

• Certificate of Deposit

• Bond

• Stock

• Certificate of Death Benefit

Reinvesting earned interest back into the principal to allow money to grow exponentially over time

• Simple Interest

• Compound Interest

• Maintenance fees

• Stocks and Bonds

An automatic electronic deposit of net pay to an employee's designated bank account

• Direct Deposit

• Cashier's Check

• Check

• CD

Money set aside for unanticipated expenses or loss of income

• Emergency Fund

• Savings Account

• Checking Account

• Direct Deposit

The government agency that insures customer deposits if a bank fails up to $250,000 per individual depositor

• Federal Deposit Insurance Corporation (FDIC)

• IRS

• MMA

• FBI

The buying of goods without planning to do so in advance, as a result of a sudden whim or urge

• Coupon Buying

• Sales Buying

• surplus Buying

• Impulse Buying

Using most or all of your monthly income to cover your monthly expenses, leaving little to no spare cash for saving or investing

• 50-20-30

• Living Paycheck to Paycheck

• Impulse Buying

• LIFE

A monthly fee that some banks charge to provide access to checking or savings accounts

• Maintenance Fees

• Taxes

• Interest

• Overdrawn Fee

A certain amount of money that must be kept in an account as required by that particular financial institution

• Minimum Balance

• Saving Account

• High Interest Account

• Bouncing a Check