Ch 6: Saving for the Future

Front

Interest earned on the original principal plus accumulated interest.

Back

compound interest

Front

In general, the greater the risk you are willing to take, the higher the rate of interest you will receive.

Back

TRUE

Front

A deposit that is set aside for a specified length of time at a specified rate.

Back

Certificate of Deposit

Front

Money that is paid for the use of money.

Back

Interest Amount

Front

A form of educational funding that does not have to be repaid, is often funded by the government, and is in addition to scholarships and loans.

Back

Grant

Front

This occurs when student loans are combined into one large loan.

Back

loan consolidation

Front

Needs you expect to have in the next few months or years.

Back

Short -term

Front

This involves an employer or financial institution electronically depositing your paycheck into a bank account.

Back

Direct Deposit

Front

Insurance for deposits kept in credit unions.

Back

NCUA

Front

Federal Insurance for depositors in commercial banks and savings and loans.

Back

FDIC