Economics book 9 unit 2
profit, service
"Not for ( ), not for charity, but for ( )" is a credit union motto.
paychecks
Many employers offer direct deposits of ( ) to a credit union.
payroll
The amount of wages dues to all employees is called a ( )
per-qualification interview
an initial meeting to determine the ability of repayment of a loan; checking the credit history and financial stability of the loan applicant
assets
any property, such as land or stock, that may cover a person's liabilities
financial aid
assistance for the potential college student
roll over
When the IRA gets money from another qualified plan and usually at an employees retirement
installment payment
Your IRA can be meted out in periodic payments rather than one large sum. This is called ( ).
loan officer
a bank official who will over see the approval or denial of a loan
taxation
a charge due the government for the money you are earning
penalty
a charge is added against you if you withdraw your money before the agreed upon date
loan application
a form making the request for a stated amount of money, filled request out prior to meeting with a loan officer.
contribution
each deposit to the IRA is known as a contribution
sponsor
oversees who approves, condones and assists in formation and continuation of a credit union
direct deposit
paycheck electronically transferred into depositors accounts
federal chartered
registered with the U.S. government
state chartered
registered with the state in which the credit union resides
collateral
something given to guarantee repayment of a loan
overextending
stretching one's credit beyond the financial guidelines
processing a loan
the job of putting loan applications into official consideration
payroll
the list of workers employed by a company and the total wages dues to them
installment payment
your IRA money is meted out in periodic payments rather than one large sum
cooperative
A credit union is a ( ) financial institution.
tax free rollover
avoiding taxes by having the distribution go from a qualified plan to an IRA
tax deffered
no taxes are due until the required time; the payments are held off
Federal Pell Grant
( ) id assistance from the government which is not to be repaid; the assistance maybe thousands of dollars.
overextending
( ) is stretching one's credit beyond the financial guidelines
unsubsidized
A loan that will charge you interest from the start is called an ( ) loan.
deferment
official permission to post pone the payment of a loan
credit union
provides loans to its members at lower rates of interest than would be available at other institutions
tax deductible contribution
putting your money into your IRA avoids taxes
field of membership
range of eligibility for a credit union, such as a teachers credit union or brick layer's credit union
federal
There are more than 12,000 ( ) chartered and state chartered credit unions nation wide.
withdrawal
There is also an education benefit. Starting in 1998, you can take a penalty free ( ) for certain approved higher education related expenses.
unsecured
Credit cards are considered ( ) debt.
capitalized
The interest is added to the principal amount of your loan.
sponsors
anyone wanting to join should see if their employer ( ) a credit union.
educational loans
borrowing money from the bank for college tuition or other higher education expenses
default
failure to fulfill a financial obligation
lump sum
having you IRA money given to you in one large amount instead of in increments
A- Type credit
strong credit history that gives the bank good reason to approve the loan
Proverbs 14:23
Although it is a good idea to pursue financial aid, the christian teen ought to be diligent to get a job and save as much as possible. " In akk labor there is profit..." The hard worker will be able to meet many financial goals. This work ethic is found in ( )
Federal Pell Grant
Assistance from the government which is not to be repaid
EFC
Expected Family Contribution, the assumed amount that the family will contribute to the students college tuition
federal student aid
Government financial help; it may be in the form of a grant or loan
commercial real estate loan
If Sam wants to buy a building and property for his dry cleaning business he would apply for a ( )
earnings
If you had a taxable savings account, each year you must pay income taxes on your ( ) and capital gains you would make.
loan officer
If you went to a bank for a loan, you would see a ( ), a bank official who will oversee the approval or denial of a loan.
members
In a credit union, people are not only borrowers and depositors they are ( )
credit bureaus
It is important to pay back your student loan. Besides your Christian testimony being damaged, other problems could arise. The default could be reported to national ( ) and a negative history will stay on you credit report.
pay tax
Terry's $2000 contribution into the IRA has "protected" him from having to ( ) on that portion of his wages.
servicing fees
The bank makes a profit by collecting loan fees and the interest the customer pays on the loan; these are called ( )
cooperative
a joint economic activity that is owned and operated by those who use its services
unsubsidized
a loan that will damage your interest from the start
subsidized
a loan where you will not be charged any interest before you begin repayment
interest
a percentage of the amount loaned which is a charge for the use of the money
individual retirement account
a savings for retirement plan that defers taxes until the due date
grace period
a time when there is no obligation to repay your loan
credit history
a years long record of how well a person pays his bills and is financially responsible
servicing fee
charges such as loan fees and the interest the customer pays on the loan
