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Unit 3

TermDefinition
Annual Percentage Rate APR; annual rate of interest
Depositor person who deposits money in a bank or who has a bank account
FDIC Federal Deposit Insurance Corporation; a federally sponsored corporation which insures accounts in national banks and other qualified institutions up to $100,000
Interest amount of money paid to a customer for money on deposit with a financial institution, or the amount of money paid by a customer to a financial institution for borrowing money through a loan, credit card, etc.
Required Minimum Balance least amount required to be kept on deposit in a bank account
Credit Score numerical expression based on a statistical analysis of a person’s credit files; represents creditworthiness in a person, which is the likelihood he/she will pay debts in a timely manner; primarily based on credit report information from credit bureaus
FICO Fair Isaac Credit Organization; credit score used by most lenders
Big Ticket Purchases retail goods which have a high selling price in comparison to other items
Fixed Rate Interest interest rate does not fluctuate during the fixed rate period of the loan
Adjustable Rate Interest interest rate may fluctuate up or down during the term of the loan
Installments buyer gains use of the commodity immediately and pays for it in periodic payments
Lump Sum single sum of money which serves as complete payment
Collateral property acceptable as security for a loan or other obligation
Application Fee money paid to the bank or mortgage company to cover expenses of processing a loan application
Credit Check when a potential lender buys a copy of one’s credit history to determine whether or not he/she is someone with the ability and character to repay a debt
Net Worth total assets minus liabilities or debt
Stocks ownership of a corporation indicated by shares which represent a piece of the corporation’s assets and earnings
Bonds debt securities issued by a corporation or unit of government to raise money
Portfolio total holdings of the securities, commercial paper, etc. of a financial institution or private investor
Popular Finance sets

 

 



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