Personal Finance 3rd MP
Terms in this set (43)
A plan for your money (for projecting over a long term).
Tracks money going into and leaving your bank account (for balancing and projecting cash position on a daily basis)
Money added to your bank account. Also referred to as a deposit.
Money deducted from your bank account. Also referred to as a withdrawal.
The bank account has less than $0.
The dollar amount of your paycheck. This is your "take-home" pay.
The lowest balance possible without receiving a fee.
A number assigned to a person that indicates to lenders their capacity to repay a loan. FICO is a commonly used credit score.
A detailed report of an individual's credit history prepared by a credit bureau (CRA).
A valuation performed by a lender that determines the probability a borrower may default on a debt.
Credit Reporting Agency (CRA)
Maintain historical information pertaining to an individual's credit experience. Also known as credit bureaus.
Maximum amount a credit card company will allow someone to borrow on a single card.
Finance Fees (Interest)
Cost of borrowing money. Amount charged by a lender to borrow for not paying back credit on time.
Credit Utilization Rate
Percentage of available credit used
= Total Balance / Total Credit Limit
Document detailing an employee's gross pay, deductions and net pay amounts.
Money received for performing work or a service prior to deductions.
Money received after taxes and deductions have been withheld.
Amount withheld from an employee's paycheck by their employer.
Costs associated with buying or selling stock.
Front End Load
Commission fee when buying stock.
Back End Load
Commission fee when selling stock.
Ongoing costs associated with owning a particular stock.
The ratio of fund expenses to fund assets.
Typically a % of investor's assets.
Annual Account Fee
Flat annual fee amount.
Investments with a fund manager frequently trading in the fund to maximize returns.
Investments that automatically follow trading rules such as mirror a sector of the market.
A bill or statement of charges.
Date a payment must be received by the vendor to be considered on time.
Statement Date (Cycle Date)
Date an invoice is issued.
Current Bill Amount
Total of all new charges.
Total Amount Due
Amount to be paid by the due date.
List of items and amounts billed for this billing period.
Credits and Adjustments
Money credited to account this period due to bill overpayment or refunds.
The process of deducting all withdrawals from the beginning balance plus all deposits.
The process that explains the dollar difference between the bank balance and the corresponding amount in the account holder's records at a particular point in time.
a formal and legally binding agreement between at least two parties.
an obligation by both parties to a contract.
written guarantee, issued to the purchaser of an item by the manufacturer, promising to repair or replace the item if necessary within a specified period of time.
Contract between an insurance company and an individual.
Amount of money an individual pays to have insurance coverage.
Formal request for payment based on an insurance policy.
Amount of money the individual pays for the unexpected event before insurance or warranty will pay any money.
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