wise test review

a check written for an amount more than in your account

A check issued by a bank and sold to you for personal payments to people who won't accept a personal check. It certifies that you have the money available.

A nonprofit financial institution that is owned by its members and organized for their benefit.

a for-profit institution that offers a full range of financial services

A form of check payment on which the financial institution prints the exact amount covered. Often used by people who do not have a checking account.

Make your bank records compatible with your bank statements.

a small, secure storage compartment that you can rent in a bank, usually for $100 a year or less.

a firm that provides you access to the stock markets

Obtainable through the U.S. government. Purchased at one-half the face value and will mature to full face value over a specified period of time. FDIC insured, moderate liquidity, moderate rate of return.

Character(credit history), Capacity(ability to repay), Capital(assets)

Annual percentage rate; the annual rate of interest that is charged for using credit

The chapter of the Bankruptcy Code providing for "liquidation" (i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors).

Section of Bankruptcy law that allows businesses to reorganize, continue functioning and pay creditors equitably according to a court-approved plan

a nonprofit organizatioin that provides debt counseling for individuals with serious debt problems

something of value that a borrower lets the lender claim if a loan is not repaid

A credit rating developed by Fair Isaac & Company in the late 1950s, now widely used by lenders and employers. It consists of digit numbers ranging from 300-850.

equifax, transunion, and experian keep a record of consumer's credit transactions

is the total dollar amount you pay to use credit.

failure to pay back a loan

the legal claim of one person upon the property of another person to secure the payment of a debt or the satisfaction of an obligation.

a loan where a borrower gets a cash advances based on his paycheck

a type of open credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card.

a type of closed credit where the loan is repaid with interest in equal periodic payments. Example: car loan, mortgage

Credit legislation that is federal they have to tell you the truth about their lending. Have to tell the whole truth in lending practices.

taking away property due to failure to repay the debt

take advantage of ill-informed consumers through excessively high fees

The money originally invested or loaned, on which basis interest and returns are calculated

A loan that is secured by collateral, properties or assets that are subject to seizure on default.

exchange goods without involving money

a legal process that allows part of your paycheck to be withheld for payment of a debt

the total amount you earn before any deductions are subtracted

the amount of a paycheck after the deductions are taken out

a general increase in prices

Federal Insurance Contributions Act; tax levied on both employers and employees to pay for Social Security and medicare

any type of additional income over expenses that is completely unexpected

interest earned on both the principal amount and any interest already earned

interest paid on the principal alone

A quick way to figure out how long it will take to double your money at a given return rate . Interest rate divided by 72.

the principle that a dollar received today is worth more than a dollar received in the future

basic economic problem of economics that results from a combination of limited resources and unlimited wants

The amount an insured person must pay before the insurance company pays on a claim

n. person entitled to benefits or proceeds of an insurance policy or will

the amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity

Formal request for payment, sent to the insurance company, to cover a loss

The actual amount paid to a beneficiary under a life insurance policy

A type of insurance paid to an individual if he/she is injured and is unable to work for a specified length of time.

coverage that provides protection for your residence and its associated financial risks

protection against financial loss

The possibility of a financial loss

a life insurance policy where the premium remains constant and builds a cash value invested by the insurer; a more expensive policy than term.

Life insurance coverage for a specified period of time, less expensive than whole

a type of insurance that covers the loss of a tenant's personal property as a result of damage or theft

an add-on to an insurance policy

A policy designed to cover property that floats, or moves, from location to location.

a period of rising stock prices

a stock market with declining stock prices

an IOU issued by a corporation or government that confirms you are lending the corporation or government money. Bonds pay interest regularly to lenders. At the end of the term of the bond, the borrower returns to the lender the face value of the bond (the amount the lender invested in the bond).

the profit from the sale of an asset such as stocks, bonds, or real estate.

spreading out investments to reduce risks

check paid to stockholders, usually quarterly, representing portion of corporate profits

The average price of 30 selected industrial stocks, used as a measure of general market trends

ease with which an asset can be converted into cash

fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets

America's largest electronic stock market. Many technology stocks such as Apple, Microsoft and Yahoo are traded on this stock exchange

tracks the prices of 500 different stocks as a measure of overall stock market performance

all of the investments, including stocks, bonds, mutual funds, options, and commodities, that are traded

Share of Ownership in a Corporation

A government bond that is repaid within three months to a year.

a government bond that is repaid within two to ten years

ratio of money gained or earned on an investment

a plan for making and spending money

the amount of money spent is more than the amount of money collected

a savings account you can access quickly to pay for unexpected expenses or emergencies, usually equal to 3-6 months of your salary

expenses which stay basically the same from month to month, such as housing and transportation.

What you give up when you make one choice over another

A GOLDEN RULE of personal finance. Put a portion of your paycheck into savings/investments before any other spending.

an expense that changes from month to month

something required or essential: food, shelter, transportation, education

an item that we desire but that is not essential to survival

Insures your bank deposits up to $250,000

Federal Tax Collectors

Monetary Policy (how much $ should be in circulation) Banker's Bank

Makes and Enforces rules for the stock market

Make US coins

Make "paper" money

yearly fixed amount or percentage of an insurance claim that is the responsibility of the insured, and which the insurance company will deduct from the claim payment

consists of people who are unable to obtain automobile insurance due to poor driving or accident records and must obtain coverage at high rates through a state program that requires insurance companies to accept some of them.

(n) one who benefits from something; a person who is left money or other property in a will or the like

period of time for which benefits are available.

an established or recognized right

comparing products and prices in different stores before making a purchase

the amount of money the patient has to pay that the insurance company will not pay

a clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount

A form of health insurance that provides periodic payments to replace income when the insured is unable to work as a result of illness, injury, or disease-not as a result of a work-related accident or condition

Amount of principal due at the maturity date of the bond

"A combination of both property and casualty coverages arising out of the ownership of a home. Coverage includes damage to the home, its contents, additional living expenses, and for the insured's personal liability. "

promise of reimbursement in the case of loss

Damaged by anything other than a collision, insurance pays bill, covers theft, damage caused by fire, explosions, natural disasters, or riots.

Advantage, privilege, right, or financial reimbursement

a person whose interests are protected by an insurance policy