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Economics > Everfi More > Flashcards

Everfi More Flashcards

1
Q

retail bank

A

usually a physical bank;

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2
Q

online bank

A

offers customers just about every service traditionally available through a local branch; even accepts deposits (online or via mail) and provides an online bill payment system

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3
Q

credit union

A

not-for-profit organizations that exist to serve their members rather than to maximize corporate profits; accept deposits, make loans, and provide a wide array of other financial services; focus on providing a safe place to save and borrow at reasonable rates; may not offer the same level of technology/innovation as retail banks

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4
Q

federal reserve

A

oversees nation’s system of money and credit; prints money, controls how much is available in the economy, adjust long term interest rates, keeps prices stable, promotes high employment; NOT part of government - independent organization with some government oversight

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5
Q

FDIC Insurance

A

Federal Insurance Department Corporation protects the bank deposits of customers against loss up to $250,000 per account per customer

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6
Q

interest

A

in terms of savings, how much the bank will pay you to have use of your money

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7
Q

liquidity

A

the ease with which an asset can be converted into cash

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8
Q

reconciling an account

A

balancing your transaction register each month with the balance shown on the bank statement

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9
Q

parts of the federal reserve

A

board of governors, 12 regional reserve banks, federal open market committee (FOMC)

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10
Q

board of governors

A

insures banks behave responsibly, superviseS 12 reserve banks, helps decide monetary policy

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11
Q

12 regional reserve banks

A

keep eye on banks in their region, provide financial services to banks, collect data and research the economy

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12
Q

federal open market committee (FOMC)

A

decides monetary policy,

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13
Q

bank teller

A

job at a bank; handles daily account transactions

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14
Q

branch manager

A

job at a bank; manages all personnel (employees) at a specific bank

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15
Q

customer service representative (CSR)

A

job at a bank; helps customers with questions about products, creates new accounts

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16
Q

loan officer

A

job at a bank; advises, evaluates, and signs off on loans to individuals and businesses

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17
Q

required balance

A

a certain amount of money you must have in some bank accounts at any given time to avoid being charged a fee

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18
Q

auto-pay

A

a service offered by banks where account holder can schedule payments to be made automatically on a specific date for a specific amount (very useful to make payments which are mostly and consistent (insurance premiums, mortgage payments, rent, etc.)

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19
Q

direct deposit

A

an automatic, electronic deposit of a paycheck into a bank account without having to take a physical check to the bank

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20
Q

auto-save options

A

a service offered by banks where account holder can schedule a specific amount of money to be transferred to a savings account or other investment on a specific date each month

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21
Q

NCUA Insurance

A

National Credit Union Administration insures up to $250,000 per person per account at a credit union; similar to FDIC insurance provided at banks

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22
Q

checking account

A

a bank account which allows you to write checks and use debt cards for purchases and ATM withdrawals; liquid, good for frequent transactions; must be good record-keeper to avoid NSF fees

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23
Q

savings account

A

a bank account which allows you to save money and earn some interest; checking access is limited, minimum balance may be required

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24
Q

money market accounts

A

a bank account that offers higher interest rates than standard savings rates, but with greater restrictions, higher minimum balance

25
Q

certificate of deposit (CD)

A

a savings alternative offered by banks in which money is left on deposit for a stated period of time to earn a specific rate of return; low liquidity, penalties for withdrawing early; SHOULD pay higher interest due to low liquidity

26
Q

parts of a check: amount paid (numerical)

A

numbers are written in box representing how much the check is worth

27
Q

parts of a check: amount paid (long, written form)

A

amount is spelled out on line; represents the “legal tender”; this is what the bank will use

28
Q

parts of a check: memo line

A

located in bottom-left corner; reminder of what the check was payment for and is not necessary to fill out and not considered a legal agreement

29
Q

parts of a check: date line

A

indicates date check was written; must be money in account on that date; illegal to write future dates (called post-dating)

30
Q

parts of a check: signature line

A

shown in bottom, right corner; place for the authorized signature; without this the check will not be cashed

31
Q

parts of a check: routing number

A

1st range of numbers at bottom; identifies what bank and which federal reserve district the bank belongs to

32
Q

parts of a check: account number

A

the 2nd range of numbers at bottom that identify which account to take money from

33
Q

parts of a check: check number

A

shown in top, right corner; easy way to identify specific checks

34
Q

Identity thieves can use your personal information to:

A

All of these

35
Q

which piece of information is most useful to an identity thief?

A

your full name and social security number

36
Q

how often are you entitled to a free credit report from each of the major credit reporting companies?

A

yearly

37
Q

when buying a stock in a company, you are:

A

buying a portion of a company

38
Q

when you purchase a municipal bond, you are:

A

loaning money to the municipality

39
Q

The return of investment ( ROI)from education is typically the highest four:

A

Someone with a four-year bachelor degree

40
Q

Your sister is starting ninth-grade next year and is thinking about going to college. What steps would you first recommend she takes?

A

Looking for school clubs and organizations she’s interested in

41
Q

Which of the following loans will typically offer the lowest interest rate?

A

Federal student loans

42
Q

When referring to student loans, what is a grace period?

A

You. After graduating or leaving school before you must begin paying back student loans

43
Q

Which loan type requires you to make loan payments while you’re attending school?

A

Neither a nor B

44
Q

Which of the following statements about federal state loans is true

A

The interest rate on your loan will be fixed overtime

45
Q

Using the FASFA form you can apply for:

A

Federal student loans; the federal work study program

46
Q

The federal application for student aid form:

A

Can be submitted online or by mail

47
Q

After you send in your FASFA form what will you recieve back?

A

Your student aid teport

48
Q

You were looking for ways to pay for your higher education cost, which of the following options will require you to pay back any money receive?

A

Federal student loans

49
Q

Mortgages

A

loans to individuals or businesses to purchase homes, land, or other real property

50
Q

Appreciation

A

a percentage of increase in the value of the property over it’s value when it was originally purchased.

51
Q

Depreciation

A

the loss of value of an asset as a result of wear and tear, age, or obsolescence

52
Q

Tax Incentives

A

A tax break used to reward people for investing or spending in a way that promotes economic growth.

53
Q

Lease Terms

A

rules a tenant must agree to abide by before moving in

54
Q

Balloon Payment

A

a financing agreement in which the last payment of a loan is much higher than the regular monthly payment

55
Q

Liens

A

A charge or claim which one person has upon the property of another as security for a debt or obligation

56
Q

Foreclosure

A

The process by which a home owner loses their home due to non-payment of mortgage, violating the due on sale clause, failing to keep taxes and insurance paid, or failing to maintain the home.

57
Q

Fixed Rate Mortgage

A

The monthly payment doesn’t change, regardless of what happens to market interest rates. No matter how much interest rates fluctuate, your payment remains the same.

58
Q

Adjustable Rate Mortgage

A

also known as a variable-payment mortgage has an interest rate that increases or decreases during the life of the loan

Economics (11 decks)

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