EVERFI Future Smart Answers: All Modules 2-6. (April 2023)

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Associate's Degree - -A degree granted after two years of study, often by a community or junior college -Account Number - -Each bank account has a unique account number that can be found at the bot... tom of a check or on your statement. -Auto Insurance - -Type of insurance that protects a driver in the case of a car accident. States require it by law. -Bachelor's Degree - -A degree awarded by a college or university for completing undergraduate studies. -Balance - -The total amount of money in a banking account at any given time. -Bonds - -Basically a loan TO the government, except you are the lender in exchange for a dividend. -budget - -plan of how you will spend the money that you make or receive -Certificate of Deposit (CD) - -Type of savings account in which you put your money away for a certain amount of time to allow your principal to earn interest -Charge card - -Payment type that works just like credit cards except the balance MUST be paid in full every month -Checking account - -A bank account that allows a customer to deposit and withdraw money and write checks. Using this can be safer and more convenient than handling cash. -Credit card - -A small, specially coded plastic card issued by a bank, business, etc., authorizing the cardholder to purchase goods or services on credit. -Credit history - -The complete record of your credit performance. It helps creditors determine your ability to pay back new debts -Credit limit - -Max amount of money that may be borrowed at one time -Credit score - -A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower. -Debit card - -A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder -Direct deposit - -An automatic deposit of a paycheck without having to take a physical check to the bank. -Federal Income Tax - -A payroll deduction collected by employers by law and sent to the federal government to support governmental programs. -Fixed Rate - -an interest rate that does not change over time. -Grant - -given to students to help pay for their education and do not have to be repaid -Health insurance - -a type of insurance that covers the cost of medical expenses -Homeowners insurance - -type of insurance that covers your home as well as your possessions inside it in case of damage or loss -IRS - -Government Agency responsible for collecting taxes. Everyone must file a Tax Return to the IRS. -Invest - -Put money into an account that makes your money grow in worth. -Interest - -A sum paid or charged for the use of money or for borrowing money -Lease - -a contract granting use or occupation of property during a specified time for a specified payment -Life Insurance - -insurance paid to named beneficiaries when the insured person dies -Minimum Monthly Payment - -the smallest amount you can pay and remain a borrower in good standing -Mortgage - -A loan to purchase a home or other real estate -Payday Lenders - -Payday lenders offer small cash loans, usually in the range of $100 to $500, with payment due in full at the borrower's next paycheck. High Interest. -Principal - -The original amount (as in loan) of the total due and payable at a certain date. -Renters Insurance - -a type of insurance that covers the loss of a tenant's personal property as a result of damage or theft -Required Balance - -A certain amount of money that must be kept in your account at all times or you may be penalized. -Routing Number - -A nine digit bank code used in US on bottom left of checks used to identify the bank and account [Show More]

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