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Strand 4 - Invest.

Financial Lit. P7

TermDefinition
Social Security Federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
Pension Retirement account, offered in some job sectors or companies, that an employer maintains to give an employee a fixed payout at retirement.
401(k) Retirement savings plan, sponsored through your employer who will often match your contributions, that allows an individual to save for retirement and have the savings grow while deferring taxes until funds are withdrawn.
Transfer of Risk Risk management and control strategy that involves the contractual shifting of a pure risk from one party to another.
Insurance A company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
Premium What you pay to have insurance.
Deductible What you pay before insurance kicks in.
Co-Insurance Percentage you pay after you have paid the deductible and before out of pocket max.
Liability Protects you financially if you're responsible for someone else's injuries or property damage.
Collision Coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object.
Comprehensive Coverage that protects against damage to your vehicle caused by non-collision events that are outside of your control. This includes theft, vandalism, glass and windshield damage, fire, accidents with animals, weather, or other acts of nature.
Outsourcing A business practice in which services or job functions are hired out to a third party on a contract or ongoing basis.
Acceptance of Risk When a business or individual acknowledges that the potential loss from a risk is not great enough to warrant spending money to avoid it.
Investing Risk Past performance is no guarantee of future results.
Risk The possibility of losing money on an investment or business venture.
Return Measure of an investment's total interest, dividends and capital gains, expressed as a financial gain or loss over a specific timeframe.
Diversification Spreading of your investments both among and within different asset classes.
Stock Share in the ownership of a company, including a claim on the company's earnings and assets.
Bond Issued by governments and corporations when they want to raise money, or in other words they are borrowing money from you.
Collectibles Items that are worth far more than their original sale price and are considered alternative investments, such as art, baseball cards, and memorabilia.
Commodities Raw materials or primary agricultural products.
Real Estate Land and property that generates income through rentals.
Index Fund Investment funds that follow a benchmark index, such as the S&P 500 or the Nasdaq 100. When you put money in an index fund, that cash is then used to invest in all the companies that make up the particular index, which gives you a more diverse portfolio t
Mutual Fund A pooled collection of assets that invests in stocks, bonds, and other securities.
Retirement Accounts Money saved or invested to be use in retirement.
Roth 401(k) An employer-sponsored retirement savings account that is funded with post-tax money.
IRA An individual retirement account allowing a person to set aside income with deferred taxation, when they withdraw funds.
Roth IRA An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year.
Savings Accounts A bank account that earns interest.
Principal The baseline sum in financial transactions—the initial amount invested or borrowed.
Compound Interest The interest on savings calculated on both the initial principal and the accumulated interest from previous periods.
Over Saving A process of saving in excess of the amount capable of being absorbed by investment that is regarded by some economists as a major cause of depressions in the modern economy.
Certificates of Deposit (CD's) A certificate issued by a bank to a person depositing money for a specified length of time.
Pay Yourself First (PYF) Setting aside money for savings before paying bills and making other purchases while still keeping up with debt obligations.
Liquidity How easy it is to turn an asset into cash without losing a lot of value.
Direct Deposit The deposit of funds electronically into a bank account rather than through a physical, paper check.
Overdraft A deficit in a bank account caused by drawing more money than the account holds.
Non-Sufficient Funds (NSF) The status of a checking account that does not have enough money to cover all transactions.
Deposit A sum of money placed or kept in a bank account, usually to gain interest.
Reconciliation The accounting process by which two different data sets are compared to verify that the information within them is accurate.
Checking An account held at a financial institution that allows deposits and withdrawals.
Savings Represents a net surplus of funds for an individual or household after all expenses and obligations have been paid.
Bank "for profit" financial institution licensed to receive deposits and make loans.
Federal Deposit Insurance Corporation An independent federal agency insuring deposits in U.S. banks in the event of bank failures. The FDIC insures deposits up to $250,000.
Credit Union A nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.
NCUA: National Credit Union Administration An independent federal agency that insures deposits at federally insured credit unions up to $250,000.
Created by: cam_barber
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