3rd Quarter Review 2012
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Created by:
SusanBarnhart on February 29, 2012
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40 terms
Terms | Definitions |
|---|---|
 Annual Percentage Rate (APR) | a measure of the cost of credit, expressed as a yearly interest rate. |
| Balance Transfer | useing the available credit on one credit card and pay off another |
| Billing Cycle | number of days in the billing period |
| Credit Rating | A ______ (or score) calculated by the credit bureaus and based on your past payment behavior, income, employment and other factors that serve as a general predictor of ability to repay debts. |
| Grace Period | The _______ is the time between the date of purchase and the date that the interest starts being charged |
| Universal Default | a provision allowing issuers to increase card members' interest rates for any adverse financial actions such as when cardholders failed to make timely payments to other creditors, like other credit card issuers, utilities, car lenders, property owners or mortgage lenders. |
| Annual Fees | Many credit card issuers charge an ____ for the use of their card, typically $20-$50. |
| Minimum Monthly Payment | The dollar amount that must be paid each month to prevent a credit card account from being delinquent. |
| Outstanding Balance | is the amount you owe on your credit card |
| Due Date | must be on the same day each month and if on a weekend or holiday, be the next business day |
| Gift Cards | cannot expire within five years of activation |
| PIN (Personal Identification Number) | A security code that the customer uses with debit and credit cards to authorize transactions such as cash advances |
| Debit Card | A card issued by a bank that directly accesses available funds from a bank account, typically a savings or checking account |
| Credit Limit | The maximum amount that you can charge on your credit card. |
| Bank card | examples of this are MasterCard, Visa, Discover, Optima, GM and Ford cards which are sponsored by individual banks |
| Company or Retail store cards | examples include Kohls, J.C. Penny, Shell |
| Truth in Lending Act | If your credit card is lost or stolen - and then is used by someone without your permission - you do not have to pay more than $50 of those charges. |
| Federal Credit Billing Act | Addresses issues of billing errors on your account, such as a charge for something you did not buy or a bill for an amount different from the actual amount you charged |
| Taxes | Are payments that you make to the government to support the government and to pay for government services. |
| Taxable Income | The amount on which you pay taxes on |
| Dependent | A person who relies on someone else for support. |
| Tax withholding | This is money that an employer holds back from an employee's pay in order to pay part or all of the employee's taxes |
| IRS | The _____ is the federal government agency that collects taxes. |
| W-4 | Employees complete form ___, the Employee's Withholding Allowance Certificate to determine how much federal income tax to withhold. (hint: you fill it out when you start a job!) |
| W-2 | By January 31st your employer must give you your ___ which informs individuals of their total earnings for the previous year and the total amount of federal income tax that was withheld from your pay. |
| Budget | Sally is creating a ___ - it is a way for her to organized her income and expenses on a monthly basis. |
| Credit History | Your _______ affects employment, ability to rent, rate on interest loans, ability to get more credit, and your credit score. |
| Reconcile | To make two things agree, such as check register and a bank account statement |
| Blank Endorsement | A ___ is simply signing your name on the back of a check you are depositing. This is unsafe because if someone finds the check they can cash it themself. |
| Restrictive Endorsement | When a check is signed with a ____ you can only deposit the check into your account. You cannot make a withdraw at the time of deposit. |
| Private College | ___s provide their own funding and tend to be more expensive than public schools. |
| FAFSA | The form, you need to complete to receive financial student aid for college. |
| Undergraduate | A first time college student is known as a(n) _____. |
| Tuition | The cost of your college classes, which can be calculating using the number of credit hours he is times the cost per credit hour |
| Bachelor's degree | You earn one of these from a 4 year institution, like the University of Illinois. |
| Community College | South Suburban College and Joliet Junior College are examples of this ___ |
| Associate's degree | You can earn one of these from South Suburban College in Accounting. |
| Scholarship | Money obtained for college that does not have to be paid back. |
| Public College | _____s are subsidized by the state and are generally less expensive than private colleges and universities |
| Loan | Financial aid that must be paid back. |
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