Financial Terms Flashcards

Financial Terms Flashcards

Assessment

Flashcard

Business

9th - 12th Grade

Easy

Created by

Jacqueline Berecz

Used 1+ times

FREE Resource

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58 questions

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1.

FLASHCARD QUESTION

Front

Adjustable-Rate Mortgage (ARM)

Back

A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month.

2.

FLASHCARD QUESTION

Front

401(k) Loan

Back

A type of loan where you borrow money from your retirement savings account. You must pay that borrowed money back, plus interest, within 5 years of taking your loan, in most cases.

3.

FLASHCARD QUESTION

Front

Amortization

Back

The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest.

4.

FLASHCARD QUESTION

Front

Annual Fee

Back

A yearly fee that may be charged for having a specific credit card, independent of how you use the card.

5.

FLASHCARD QUESTION

Front

Annual Percentage Rate (APR)

Back

The cost you pay each year to borrow money, including fees, expressed as a percentage.

6.

FLASHCARD QUESTION

Front

Authorized User

Back

A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill.

7.

FLASHCARD QUESTION

Front

Balance Transfer

Back

The act of transferring debt from one credit card account to another, usually for a fee.

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