Financial Literacy Exam Vocab Flashcards
(25 cards)
A written guarantee from the manufacturer or distributor of a product that specifies the conditions under which the product can be returned, replaced or repaired.
Warranty
A legal document that defines the conditions of a rental agreement.
Lease
Protection against possible financial loss.
Insurance
Covers hospital expenses, surgical expenses, and physician expenses.
Basic Health Insurance Coverage
The amount received after giving up a life insurance policy.
Cash Value
A card that electronically subtracts the amount of a purchase from a customer’s bank account at the moment the purchase is made.
Debit Card
The most basic form of corporate ownership.h
The most basic form of corporate ownership.
Common Stock
A mutual fund in which the individual investor pays no sales charge.
No-load Fund
The date on which a stockholder must be registered on corporations book in order to receive dividends payments.
Record Date
The amount that investors pay for all of a mutual fund’s management fees and operating costs.
Expense Ratio
A high risk investment made in the hope of earning a relatively large profit in a short time.
Speculative Investment
Life insurance protection for a specified period of time sometimes called temporary life insurance.
Term Insurance
Pays part or all of the surgeons fees for an operation.
Surgical Expense Insurance
An insurance company.
Insurer
A form of housing in which a building containing a number of housing units is owned by a nonprofit organization whose members rent the units.
Cooperative Housing
The attempt by an impartial third part to resolve a difference between two parties through discussion and negotiation.
Mediation
An agreement between a business and a customer to cover the repair costs of a product.
Service Contract
An individually owned housing unit in a building with several such units.
Condominium
A risk-sharing firm that assumes financial responsibility for losses that may result from an insured risk.
Insurance Company
Pays part or all of hospital bills for room, board, and other expenses.
Hospital Expense Insurance
A whole life policy that combines term insurance and investment elements.
Whole Life Insurance
An amount of money you can obtain quickly in case of immediate need.
Emergency Fund
Money received from the owners or from the sale of shares of ownership in a business.
Equity Financing
