Upgrade to remove ads
Terms in this set (44)
Adjustable rate mortgage (ARM)
(ARM) A mortgage that permits the lender to periodically adjust the interest rate to reflect fluctuations in the cost of money.
Insurance to protect a car owner in the event of an accident or damage to a vehicle.
A detailed plan of income and expenses expected over a certain period of time
the difference between cash coming in and cash going out of a business
certificate of deposit
a certificate issued by a bank to a person depositing money for a specified length of time.
city income tax
A tax assessed and levied by a local authority such as a county or municipality.
the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower.
a measure of your ability and willingness to repay a loan
a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account
amounts that are subtracted from your paycheck
the cost required for something; the money spent on something.
federal income tax
the taxes that the federal government imposes on personal income in order to provide services
a cost that does not change, no matter how much of a good is produced
fixed interest rate loan
A loan with an interest rate that stays fixed for the entire duration of the loan
fixed rate mortgage
A mortgage with a guaranteed fixed or unchanging interest rate for the life of the loan.
income and expenses that vary each money
total pay before deductions
a type of insurance that minimizes financial risk related to medical expenses
Protects against most types of property losses and liabilities related to home ownership
money earned through employment
individual retirement account
an investment tool for individuals to save for retirement
addition fee paid on a monthly basis to the lender
person or institution that provides you with the loan
amount if money you borrow, which must be paid back to the lender within a given period of time
a type of insurance that protects against the loss of income as a result of an individuals death
money collected by the federal gov to provide health insurance benefits in retirement, and to certain individuals with disabilities or serious illness
a specific type of loan that is used to buy real estate
an invest vehicle that pools investors money to purchase securities like bonds and stocks
total pay after deductions, commonly referred to as take home pay
a check given to an employee for earned income
a statement that accompanies a paycheck highlighting earned income and deductions
the range of dates an employee works
amount of money you pay on a monthly basis toward paying off your loan
private mortgage insurance (PMI)
a type of insurance used to protect lenders if a borrower puts less than 20% down on a home purchase
A traditional savings account where money is deposited directly from gross pay
A secure bank account that provides modest interest rates
social security tax
money collected by the federal government to provide financial benefits needed in retirement and for the disabled
state income tax
Tax paid to the state government, taken directly out of people's paychecks.
variable interest rate loan
An interest rate on a loan or security that fluctuates over time, because it is based on an underlying benchmark interest rate or index that changes periodically.
A statement of an individual's annual wages and taxes provided by an employer that must be included with the employee's federal, state, and city income tax returns.
A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes.
A defined contribution plan that automatically takes out money from an employee's paycheck before income taxes and invests it in mutual funds for purposes of retirement savings
THIS SET IS OFTEN IN FOLDERS WITH...
H&R Block Income Tax Course
Enrolled Agent - Part 1
YOU MIGHT ALSO LIKE...
H&R Block Budget Challenge Flashcards
H&R Block Budget Challenge
OTHER SETS BY THIS CREATOR
Financial Literacy 4
Bank terms 1
Plan of Action Financial Literacy
OTHER QUIZLET SETS
NJ Drivers Ed State Rev. Sheet 1st 2 pages y'all
european empires in the americas notes
Waterfowl Exam 2