General Financial Literacy Course - Utah Questions & Answers Already Graded A +
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General Financial Literacy Course - Utah
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General Financial Literacy Course - Utah
Certificate of Deposit (CD) - A savings certificate entitling the bearer to receive interest. A CD
bears a maturity date, a specified fixed interest rate, and can be issued in any denomination. CDs are
generally issued by commercial banks and are insured by the FDIC. The term of a CD generally ra...
General Financial Literacy Course - Utah
Certificate of Deposit (CD) - A savings certificate entitling the bearer to receive interest. A CD
bears a maturity date, a specified fixed interest rate, and can be issued in any denomination. CDs are
generally issued by commercial banks and are insured by the FDIC. The term of a CD generally ranges
from one month to five years.
Bank - A financial institution licensed as a receiver of deposits. There are two types of banks:
commercial/retail banks and investment banks. In most countries, banks are regulated by the national
government or central bank.
Advertising - To call public attention to, especially by pointing out desirable qualities so as to
create a desire to buy or do business with.
Annual Percentage Rate (APR) - The annual rate that is charged for borrowing (or made by
investing), expressed as a single percentage number that represents the actual yearly cost of funds over
the term of a loan. This includes any fees or additional costs associated with the transaction.
Bankruptcy - A legal proceeding involving a person or business that is unable to repay outstanding
debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of
creditors (less common).
Beneficiary - A person who benefits or is expected to benefit from something; the person who
receives the insurance money when policy funds are dispersed.
Benefits (Employee) - Include various types of non-wage compensation provided to employees in
addition to their normal wages or salaries.[1] In instances where an employee exchanges (cash) wages
for some other form of benefit is generally referred to as a 'salary packaging' or 'salary exchange'
arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree.
Examples include housing (employer provided or employer paid), group insurance (health, dental, life),
disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation
(paid and non-paid) social security, profit sharing, funding of education and other specialized benefits.
The purpose of employee benefits is to increase the economic security of staff and members, and doing
so, improve worker retention across the organization.
,401K - A qualified plan established by employers to which eligible employees may make salary
deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k)
plan may make matching or non-elective contributions to the plan on behalf of eligible employees and
may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.
Budget - A financial plan used to forecast and track income and expenses.
Career - Profession or field of employment for which one trains, such as financial services or
medicine.
Charitable Contributions - In general, [money given to] a charitable organization that exists to
benefit society as a whole rather than to enrich individual owners or shareholders.
Closing Costs - Closing costs are fees paid at the closing of a real estate transaction. This point in
time called the closing is when the title to the property is conveyed to the buyer. Closing costs are
incurred by either the buyer or the seller.
Co-signers - The act of signing for another person's debt which involves a legal obligation made by
the cosigner to make payment on the other person's debt should that person default. Having a cosigner
is way for individuals with a low income or poor/limited credit history to obtain financing.
Collateral - Security pledged for the payment of a loan: He gave the bank some stocks and bonds
as collateral for the money he borrowed.
Commision - A service charge assessed by an investment advisor in return for providing
investment advice and/or handling the purchase or sale of a security. Also a percentage of the money
received from a total paid to the agent responsible for the business.
Comparison Shopping - Examining different brands or models of a product (to learn about
variations in quality, size, etc.), or the prices charged by different sellers (to learn about possible cost-
savings), before deciding what to buy.
, Compound Interest - Interest paid or to be paid both on the principal and on accumulated unpaid
interest.
Direct Deposit and Direct Debit - Being paid or paying electronically via ACH.
Remote Check Deposit - Imaging and depositing a check using a smartphone. on-line bill pay.
Mobile Payments - Through Apple Pay, Softcard, Google Wallet.
Consumer to Consumer (C2C) - Payments through services such as PayPal, Popmoney, Square
Cash.
Reloadable Prepaid Debit Cards - Such as Green Dot and American Express Serve.
Truth in Lending Act - Consumer Protection Laws -a regulation by the federal government that
requires uniform methods for computing the cost of credit and disclosing credit terms.
Fair Debt Collection Practices Act - Consumer Protection Laws - Federal law that limits the
behavior and actions of debt collectors who are attempting to collect the debt for another person or
entity.
Fair Credit Reporting - Consumer Protection Laws - a United States federal law (codified at Title 15
United States Code Section 1681 and following) that regulates the collection, dissemination, and use of
consumer information, including consumer credit
Equal Credit Opportunity Act - Consumer Protection Laws - a United States law (codified at 15
U.S.C. § 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against
any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion,
national origin, sex, marital status or age.
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