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FINN 1003 - Morris Fall 2021 > Exam 2 Notes > Flashcards

Exam 2 Notes Flashcards

1
Q

Demand Deposit

A

A checking account

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2
Q

Credit Limit

A

A specified amount of spending, that a card customer should not approach

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3
Q

Credit Score

A

A numerical evaluation of a borrower’s past credit history

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4
Q

Cashier’s Check

A

A check drawn on the banks account

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5
Q

Loan Rollover

A

Process of paying off a loan by taking out another loan

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6
Q

MLS

A

Multiple Listing Service of properties for sale

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7
Q

Depreciation

A

The loss in value of an asset such as a car

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8
Q

Mortgage Points

A

Prepaid interest collected at closing to lower interest rate

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9
Q

Time Deposit

A

A savings account

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10
Q

Installment Loan

A

A loan that is repaid in a series of fixed, schedule payments

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11
Q

Loan Disclosure STAT

A

A document lenders are required to supply borrowers that states the finance charges and APR

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12
Q

HELOC

A

Home Equity Line of Credit

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13
Q

Capitalized Cost

A

The price of the vehicle at the beginning of a lease

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14
Q

APR

A

True rate of interest including other fees charged by the lender

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15
Q

Fixed-Rated Mortgage

A

Traditional mortgage with the interest rate is fixed

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16
Q

NOW Account

A

Negotiable Order of Withdrawal Account

17
Q

Collateral

A

Item of value used to secure a loan

18
Q

Credit Bureau

A

An organization that collects information about individual borrowers

19
Q

Commercial Bank

A

Offers checking, savings account, and a full range of financial products

20
Q

Credit Union

A

A non-profit, member-owned financial cooperative

21
Q

Debit Card

A

A card used to make transactions from a checking account

22
Q

Cash Management

A

Day-to-day decisions about cash and near-cash resources

23
Q

Condominium

A

A type of ownership of an individual unit of a multiple unit building

24
Q

Capacity

A

The ability of the borrower to service the loan in a timely fashion

25
Q

Bankruptcy

A

Form of legal recourse available to insolvent debtors

FINN 1003 - Morris Fall 2021 (5 decks)

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