Consumer Education Flashcards

<p>Natural talents</p> Signup and view all the answers

<p>Someone who owns a business or assumes the financial risk for a business</p> Signup and view all the answers

<p>A paid or unpaid short-term job offered to a student interested in entering a particular field</p> Signup and view all the answers

<p>A training program that combines classroom instruction with paid on-the-job experience under the guidance of a skilled worker</p> Signup and view all the answers

<p>Educational programs that use various methods to teach students who are not present on campus</p> Signup and view all the answers

<p>Officially recognized as maintaining standards that will qualify students for additional education or for work in their chosen profession</p> Signup and view all the answers

<p>A personal data sheet that describes a job seeker to prospective employers</p> Signup and view all the answers

<p>People who will recommend an applicant to an employer on the basis of character or ability</p> Signup and view all the answers

<p>A formal meeting that employers use to evaluate prospective employees</p> Signup and view all the answers

<p>An experienced co-worker who acts as a guide or informal teacher for new employees</p> Signup and view all the answers

<p>A sense of responsibility to do a job well</p> Signup and view all the answers

<p>Bonus pay or special benefits offered to laid-off workers</p> Signup and view all the answers

<p>A joint federal and state plan designed to provide income to workers who have lost their jobs</p> Signup and view all the answers

<p>A set amount of money earned by an employee per or other fixed length of time</p> Signup and view all the answers

<p>Employee earnings that are paid by the hour, day, or item</p> Signup and view all the answers

<p>Work for which wages are based on the number of items or pieces produced</p> Signup and view all the answers

<p>A fixed percentage or amount of profit given to an employee in exchange for making a sale</p> Signup and view all the answers

<p>Money given to an employee by customers in exchange for performing a service</p> Signup and view all the answers

<p>The lowest hourly rate an employer may legally pay most workers</p> Signup and view all the answers

<p>Work in excess of 40 hours per week</p> Signup and view all the answers

<p>Entitled to some or all of one's money in a retirement plan when leaving a company</p> Signup and view all the answers

<p>An arrangement in which pay is electronically transferred directly into the recipient's bank account</p> Signup and view all the answers

<p>On a paycheck, the total amount of money earned for working during the pay period</p> Signup and view all the answers

<p>On a paycheck, anything that is subtracted from gross pay</p> Signup and view all the answers

<p>The amount of pay an employee is left with after taxes and other deductions are subtracted from gross pay</p> Signup and view all the answers

<p>Factors on IRS Form W-4 that affect the amount of income tax withholding</p> Signup and view all the answers

<p>Someone who is supported by a taxpayer's income</p> Signup and view all the answers

<p>An expense that reduces the amount of income that is taxed</p> Signup and view all the answers

<p>On a tax return, a listing of the amounts actually spent on tax-deductible expenses during the year</p> Signup and view all the answers

<p>On a tax return, a set amount that the IRS allows as a tax deduction without the need to list actual expenses</p> Signup and view all the answers

<p>On a tax return, an amount subtracted directly from the amount of tax owed</p> Signup and view all the answers

<p>An estimate of anticipated income and expenses for a certain period of time</p> Signup and view all the answers

<p>A statement of what you own and what you owe</p> Signup and view all the answers

<p>Items of value that you own, including money</p> Signup and view all the answers

<p>Debts or obligations owed to others</p> Signup and view all the answers

<p>The difference between your assets and liabilities</p> Signup and view all the answers

<p>Conducting business with financial institutions over the internet</p> Signup and view all the answers

<p>Paying bills electronically over the internet</p> Signup and view all the answers

<p>Receiving bills electronically over the internet</p> Signup and view all the answers

<p>The total amount of money earned before taxes and other paycheck deductions</p> Signup and view all the answers

<p>The amount of money you expect to receive after paycheck deductions</p> Signup and view all the answers

<p>Regular payments that don't vary in amount</p> Signup and view all the answers

<p>Expenses that normally increase or decrease</p> Signup and view all the answers

<p>Expense categories that are not absolutely necessary, such as vacations or entertainment</p> Signup and view all the answers

<p>A locked box that can be rented in a secure area of a bank</p> Signup and view all the answers

<p>To put documents in long-term storage in an area that is not immediately accessible</p> Signup and view all the answers

<p>Licenses, certifications, or degrees that indicate knowledge and experience in a certain subject area or qualification to perform a certain service</p> Signup and view all the answers

<p>At no charge; refers to free legal services provided to clients who face extreme financial hardship</p> Signup and view all the answers

<p>A fee paid for the opportunity to use someone else's money over a period of time</p> Signup and view all the answers

<p>Financial institutions owned by shareholders and operated for their profit</p> Signup and view all the answers

<p>State-chartered financial institutions operated by trustees for the benefit of depositors</p> Signup and view all the answers

<p>Financial institutions that originally specialized in providing funds to home buyers, but now provide a variety of financial services</p> Signup and view all the answers

<p>A nonprofit financial institution owned by its members</p> Signup and view all the answers

<p>A financial institution that operates exclusively over the internet using online banking</p> Signup and view all the answers

<p>Federal Deposit Insurance Corporation</p> Signup and view all the answers

<p>The movement of funds by electronic means</p> Signup and view all the answers

<p>A computer terminal that gives bank customers electronic access to their accounts at any time through the use of a specially coded card</p> Signup and view all the answers

<p>A secret code that protects the security of accounts</p> Signup and view all the answers

<p>The act of paying for an item by making an electronic funds transfer at the place of purchase</p> Signup and view all the answers

<p>A card that allows the user to subtract money from a bank account in order to obtain cash or make a purchase</p> Signup and view all the answers

<p>The one to whom a check is made out</p> Signup and view all the answers

<p>A check that is stamped and perforated by a financial institution to show that it's been paid</p> Signup and view all the answers

<p>Lack of sufficient funds to cover the full amount of a check</p> Signup and view all the answers

<p>Endorsement = A signature on the back of a check that entitles the payee to either receive payment or transfer it to someone else Reconcile = To bring a bank statement and your own record of transactions into agreement Certified Check = A check from a personal checking account that has been stamped by the bank to guarantee that there are sufficient funds in the account to cover it Cashier's Check = A check issued and guaranteed by a bank</p> Signup and view all the answers

<p>A purchased certificate used to pay a specified amount to a particular payee</p> Signup and view all the answers

<p>Documents that function as cash but can be replaced if lost or stolen</p> Signup and view all the answers

<p>A financial transaction that electronically moves funds from one bank to another</p> Signup and view all the answers

<p>Cards sold in specific dollar amounts that can be used to purchase products or services</p> Signup and view all the answers

<p>The supplying of money, goods, or services at present in exchange for the promise of future payment</p> Signup and view all the answers

<p>A business or organization that extends credit</p> Signup and view all the answers

<p>Original amount borrowed</p> Signup and view all the answers

<p>Credit that is backed by a pledge of property</p> Signup and view all the answers

<p>Property that is pledged to guarantee repayment of a loan</p> Signup and view all the answers

<p>A one-time extension of credit for a specific amount and time period</p> Signup and view all the answers

<p>Credit that can be used repeatedly. Sometimes referred to as a line of credit</p> Signup and view all the answers

<p>A set portion of a loan amount that the borrower must pay at regularly scheduled intervals</p> Signup and view all the answers

<p>The cost of using credit, including interest and any fees</p> Signup and view all the answers

<p>A pattern of past behavior in regard to repaying debt</p> Signup and view all the answers

<p>A firm that collects information about creditworthiness of consumers</p> Signup and view all the answers

<p>A record of a particular consumer's transactions and payment patterns</p> Signup and view all the answers

<p>An evaluation of a consumer's credit history</p> Signup and view all the answers

<p>A numerical rating, based on credit report information, that represents a person's level of creditworthiness</p> Signup and view all the answers

<p>A person with a strong established credit history who signs a credit application and contract along with the borrower</p> Signup and view all the answers

<p>Annual Percentage Rate</p> Signup and view all the answers

<p>Period of time during which the balance on a credit card may be paid in full to avoid finance charges</p> Signup and view all the answers

<p>The maximum amount of credit that a creditor will extend to a borrower</p> Signup and view all the answers

<p>Businesses that specialize in making small or personal loans</p> Signup and view all the answers

<p>Unlicensed lenders who operate outside the law and charge excessive interest</p> Signup and view all the answers

<p>A portion of a purchase price paid by cash or check at the time of payment</p> Signup and view all the answers

<p>A final loan payment that is much larger than the other installments</p> Signup and view all the answers

<p>A provision in an installment loan contract that gives the seller the right to declare the whole balance due if the buyer misses even one installment payment</p> Signup and view all the answers

<p>A loan contract provision that allows purchases to be added to an existing installment loan, with earlier purchases used as security for later ones</p> Signup and view all the answers

<p>The right, provided by the Truth in Lending Act, that gives borrowers up to 3 business days to cancel a loan or other credit transaction for which their home is pledged as security</p> Signup and view all the answers