Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
How does inflation affect interest rates? |
increasing the interest rate will decrease inflation, and vice versa |
|
|
What is an asset (cash) managing account? |
an account that has multiple services (used for storing money, making loans, etc etc) |
|
|
Open End Credit vs. Closed End Credit |
-Open End Credit: use as needed until line of credit max is reached -Closed End Credit: one-time loans for a specific purpose and a specific amount paid back in a specified period of time |
|
|
Are money market funds covered by the FDIC? Why or why not? |
NO! they aren't federal! |
|
|
What does "as is" mean? |
no warranty on the used car |
|
|
What is a limited warranty? |
only parts of the product are covered |
|
|
What is another word for a checking account? |
demand deposit |
|
|
What is another name for a regular savings account?
|
a passbook or statement account |
|
|
What is unit pricing? |
the cost per unit (ex. grams, ounces, milliliters, etc) of something |
|
|
What is the definition of a warranty? |
a written guarantee from the manufacture that specifies the product can be returned and/or repaired if needed |
|
|
Before renting a car, what should you do? |
take it to a mechanic you trust |
|
|
What are the most expensive loans? |
pay day loan companies |
|
|
What is a class action suit? |
jumping in on a suit that applies to a large group of people |
|
|
FICO Credit Score vs. VantageScore |
-FICO Credit Score: 350-850 range; want a high score -VantageScore: 501-990 range; new; developed by 3 credit agencies |
|
|
U.S. Bankruptcy Act: Chapter 7 vs. Chapter 13 |
-Chapter 7: straight bankruptcy -Chapter 13: wage earner plan |
