MoneyU Glossary of Terms

MoneyU Glossary of Terms

Browse the glossary using this index

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Federal Reserve

The central bank in the United States that monitors and influences the total supply of money and credit through its 12 regional offices. The Federal Reserve Board sets interest rates, maintains the flow of cash to local and regional banks, clears checks, and helps guarantee the stability and security of the U.S. banking system.

Finance Charge

The cost of consumer credit expressed as a dollar amount. A finance charge would include the following types of charges imposed by card issuers: interest, transaction fees, and service fees.

Finance Company

A finance company is a business that makes consumer loans, often to consumers who cannot qualify for credit at a credit union or bank. Typically the interest rates charged by a finance company are higher than those charged by other creditors.

Financial Health

This is a description of your overall financial situation. To take a closer look at your financial health, you consider the amount of money you make each month, if you own a home or other valuables, any investments you may have, and the amount of debt you carry. For example, if you own a home, have a small mortgage, and have very little credit card debt, you are in good financial health.

Financial institutions

Organizations that provide financial services for its clients or members.

Financial literacy

The ability to use knowledge and skills to manage oneÔÇÖs financial resources effectively for lifetime of financial well-being.

Financial obligation.

In the financial world, obligation refers to an outstanding debt that a party must still repay - and if they do not pay, they default on the debt.

Financial planning

Personal financial planning is the process of (a) setting goals, (b) developing a plan to achieve them, and (c) putting the plan into action. Ongoing thinking process to develop an orderly program or blueprint for handling all aspects of oneÔÇÖs money, including spending, credit, saving, and investing.

Fixed Expenses

Expenses that you must pay every month. These are expenses that you really can't change, like your mortgage, rent payment, car payment and child care.

Fixed Income Investment

An investment that promises to pay a set rate of interest. These include deposit accounts-such as certificates of deposit-as well as bonds and notes.

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