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Monday, May 20, 2024, 8:14 PM
Site: Financial Beginnings
Course: Financial Beginnings (Home)
Glossary: Module Resources
O

OVERDRAFT PROTECTION

When you spend more than is in your account and the bank still pays
the items.

OVERDRAWN

You have a negative balance in your account.
P

PERSONAL INJURY PROTECTION

(PIP) Covers medical bills for individuals injured in a collision.

R

REGISTER

Where you write down debit purchases and deposits.

REVOLVING CREDIT

Revolving credit is a type of loan that does not have a fixed number of payments.
S

SAVINGS ACCOUNT

An interest-bearing deposit account held at a bank or other financial institution.

SAVINGS PLAN

A plan for how to put money towards short, intermediate, and long-term goals.

SECURED LOAN

A secured loan is a loan guaranteed by something of value (collateral).

SIMPLE INTEREST

Interest earned on the original investment.

STOCK

Part ownership in a public corporation. The investor can earn dividend income and capital gains or suffer capital losses.