Financial Literacy Key Terms Flashcards

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Annual Fee

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A yearly fee that may be charged for having a credit card

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Annual Percentage Rate

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The cost of credit expressed as a yearly interest rate

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Automated Teller Machine

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A machine that allows depository institution customers to complete certain transactions without human assistance

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Career

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A lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions

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Certificate of Deposit

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An account at a depository institution used for a fixed period of time with restricted access to the funds deposited

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Commercial Bank

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For-profit depository businesses offering financial services to consumers and other businesses

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Credit

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Goods, services, and/or money received in exchange for a promise to pay back a definite sum at a future date

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Credit Card

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A plastic card used to access a line of credit established in advance

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Debit Card

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A plastic card electronically connected to the cardholder’s depository institution account

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Depository Institution

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Businesses that provide financial services