unit 2
Help!
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| filing system | a way to keep all your banking records in one place so your paper is organized
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| bank statement | a monthly record of what happened with your bank accounts in terms of deposits
withdrawal,transfers, interest earned , and fees
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| reconcile | to match your personal banking records to the bank records
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| balances | the amount you owe on your credit card that you did not pay on prior bills; it is also the amount that remains in your checking account after reconciling
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| budget | a financial plan that lists planned expenses and revenues
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| income | money received or earned
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| expenses | the things on which you spend money, such as food, clothing, rent, and transportation
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| short-term goals | the end results you want to achieve generally within one or two years
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| long-term goals | a planned and deliberate effort aimed at achieving a specific end result; usually takes five years or even a lifetime to reach
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| discretionary expenditures | the goods and services beyond the essentials of food, shelter, and clothing that are bought
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| opportunity cost | the value of the best alternative given up when making a choice
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| expenditure | money or funds that are spent
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| credit card | a plastic card that allows buyers to finance purchases; purchases may be charged up to an approved limit
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| investment | the use of money in the hope of making more money
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| loan | something (usually money) that is borrowed; a money loan is expected to be paid back with interest
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| good debt | money owed on something you will get a return on, such as an investment; these investments (such as a house, a business, college tuition) ideally will ultimately provide a higher return than your debt
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| bad debt | money owed on something that has a high cost per used value, and is used up quickly (such as vacations and entertainment)
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| financing | the act of providing or acquiring capital in order to pay for a good or service
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| layaway | plans for people who want to buy products but cannot pay for them in full right away; plans usually require the buyer to make regular payments over a period of time
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| secured loan | a loan that requires you to put up property to guarantee the loan; the property is referred to as collateral
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| collateral | property that is used to secure a loan
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| unsecured loan | a loan that does not require collateral
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| installment loans | any loan that is paid over time
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| debit card | a card that allows you to withdraw money from your bank account
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| pawnshops | a shop that provides loans that are based on the value of the item used as collateral
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| title loan | a loan that offers cash from the lender in exchange for your car title
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| payday loan | a loan that offers cash advance from your personal check
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| interest rate | the amount charged or paid for the use of money
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| expenditures | money or funds spent
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| financing | the act of providing or acquiring capital in order to pay for a good or service
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| identity theft | taking of ones identity to then commit fraud
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| dumpster diving | thieves go through your garbage to find documents with your personal info
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| skimming | dishonest salespeople use a special device that records your card info as they process your card
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| phishing | send you emails in the name of banks ,companies or government info trying to trick you into giving them your personal information
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| hacking | people with computer skills use software to break into your emails and online accounts
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| credit card fraud | new checking account opened in your name to create large charges
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| phone/ utilities charge | may add new phone to your account or use your name to gain access to utilities
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| bank fraud | writing counterfeit checks in your name, open other accounts, duplicated atm card to drain your accounts
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| what is credit score | predicts how likely you are to pay a loan back in time
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| what is a scoring model | something that uses information from your credit report to create a report
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| factors affecting your credit | payment history (35%) , amount owed( 30%), types of credit in use( 10%), new credit (10%) , length of credit history (15%)
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| Very Poor ( no loans) | 579-less
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| Fair (you can get approved for loans but very high interest ) | 580-670
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| Good ( most will approve loans average interest rate ) | 670-720
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| Very Good (approved for money good interest rate) | 720-799
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| Exceptional ( lower than average interest rate) | 800 and above
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| FICO score and credit aren't the same thing true or false | false FICO and credit scores are the same thing
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| what is a car loan | a secured loan used to buy a car
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| interest rates for a car loan is not as high as | personal loans because they can just take your car if you don't pay
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| who gives out car loans | banks, credit unions, online leaders, dealership financing
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| car loans from banks | compares rates and get approved ( high end credit score only )
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| car loans from credit unions | lower cost and lower interest rates
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| car loans from online lenders | convenient but rates can fluctuate
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| car loans from dealership financing | partnered with lenders and banks super convenient
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| leasing | based around a yearly plan in which you would need to renew each year
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| most dealerships require no less than a ______% down payment, but wise to go no less than ________% | 10
20
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| down payment | how much are you going to offer up front to pay for the car
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| the more money you put down | the lower your monthly payment and interest will be
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| interest rate | what the lender charges in return for providing the loan
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| a good credit score and shorter payment schedules can help | lower interest rate
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| APR | annual percentage rate
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| annual percentage rate | total of all interest rate and fees
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| loan term | amount of time in which you have to pay back the loan 24084 months on average
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| co-signer | applying with someone who has good credit that can take responsibilities of the payment if you cannot
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| verifiable income | proof of income which shows you can pay for the loan
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| rent payments are set at a | fixed rate
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| what do you get when you buy a house | a deed
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| mortgage | a loan for a house in which you pay back over a set of period of time also have longer loan times
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| put down a down payment that is usually no less than | 10%
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| fixed rate mortgage | has set monthly payment and interest rare
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| adjustable rate mortgage | interest is fixed for an initial term then changes based on the market
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| interest rates are brutal on housing loans floating around | 3-4% that gets tagged onto your mortgage
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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