Utah financial literacy state final TEST (Graded A+ actual test)
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Course
Utah financial literacy state
Institution
Utah Financial Literacy State
ammortized loan - A loan that you "kill" away by paying it back but by bit
Rule of 72 - The number of years it takes for a certain amount to double in value is equal to 72
divided by its annual rate of interest.
Central Banking System - A nation's central bank that is established to regulate the...
Utah financial literacy state final
ammortized loan - A loan that you "kill" away by paying it back but by bit
Rule of 72 - The number of years it takes for a certain amount to double in value is equal to 72
divided by its annual rate of interest.
Central Banking System - A nation's central bank that is established to regulate the money supply
and oversee the nation's banks. In the United States the Federal Reserve is the central bank.
A house payment - Principle, interest, property taxes, and insurance
compound interest - interest earned on both the principal amount and any interest already
earned
Payday Loan - a relatively small amount of money lent at a high rate of interest on the agreement
that it will be repaid when the borrower receives their next paycheck.
FAFSA (Free Application for Federal Student Aid) - The application required for students to be
considered for federal student financial aid.
Co-signing a loan - Makes you 100% responsible and the other person 100% responsible
Rule of Investing - Diversification
FDIC (Federal Deposit Insurance Corporation) - an agency developed by the federal government to
regulate banking and and investment activities
overdraft fee - a penalty payment for having a negative balance in an account
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