Financial Literacy Standard 6 Vocabulary
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10 terms
Terms | Definitions |
|---|---|
 Annuity | A contract between an individual and an insurance company where the individual makes a series of payments that are invested by the company and repaid to the individual at a later date, generally during retirement. |
| Financial Risk | The chance that an individual, business, or government will not be able to return money invested. |
| 401(k) | A retirement plan that allows employees in private companies to make contributions of pre-tax dollars to a company pool that is then invested in stocks, bonds, or money markets. |
| Fraud Risk | The chance that an investment has been misrepresented. |
| Individual Retirement Account (IRA) | An account in which an individual may set aside earned income in a tax-deferred savings plan for his or her retirement. |
| Inflation Risk | The chance that the rate of inflation will exceed the rate of return on an investment. |
| Market Risk | The chance that the value of an investment will go down because of a change in supply and demand. |
| Social Security | A federal system of old-age, survivors', disability, and hospital care (Medicare) insurance which requires employer's to withhold (or transfer) wages from employees' paychecks and deposit that money in designated accounts. |
| Life Expectancy | A statistical measure of the average length of life from birth to death. |
| Lifestyle | The way people choose to live their lives, based on values they have chosen. |
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