econ unit 5

the process of a borrower giving up any valuable property in order to pay off lenders

•  bankruptcy

•  delayed gratification

• maturity

• time deposit

resisting the temptation to receive an immediate reward, and waiting instead for a later, greater reward

•  bankruptcy

•  delayed gratification

• maturity

• time deposit

the length of time after which a loan or certificate of deposit must be repaid

•  bankruptcy

•  delayed gratification

• maturity

• time deposit

a type of savings account that pays higher interest but does not allow the premature withdrawal of money without paying a penalty

•  bankruptcy

•  delayed gratification

• maturity

• time deposit

a report in which the bank informs its customers what account activity the bank has on record

•  bank statement

• check register

•   gross wages

• reconciliation

•   transaction

a personal record that gives bank customers a way of keeping track of their checking account balance

•  bank statement

• check register

•   gross wages

• reconciliation

•   transaction

the total amount an employee is paid before any deductions

•  bank statement

• check register

•   gross wages

• reconciliation

•   transaction

comparing two sets of records to ensure accuracy

•  bank statement

• check register

•   gross wages

• reconciliation

•   transaction

an agreement between a buyer and seller to exchange goods or services

•  bank statement

• check register

•   gross wages

• reconciliation

•   transaction

a cumulative score that rates one’s level of risk to a lender when borrowing money

•   credit score

•   foreclosure

•  principal

•  security