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Managing Money

short term credit

an advance of money to be repaid in a short period of time

collateral

security pledged for the payment of a loan

credit union

A nonprofit financial institution that is owned by its members and organized for their benefit.

mutual funds

a pool of money invested by a professional in a group of stocks.

certificate of deposit

is a time deposit that requires you to leave your money in a financial institution for a set amount of time

premium

payment for insurance

currency

Coins and paper bills used as money

bankruptcy

A legal process to get out of debt when you can no longer make all your required payments.

discounting

Deducting the interest on a loan in advance

discount rate

the rate of interest set by the Federal Reserve that member banks are charged when they borrow money through the Federal Reserve System

stock broker

A licensed professional who handles stock purchases and sales

insurance

promise of reimbursement in the case of loss

beneficiary

Person entitled to benefits or proceeds of an insurance policy or will

social security

federal program of disability and retirement benefits that covers most working people

medicaid

Federal program that provides medical benefits for low-income persons.

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