Plain-English definitions for the terms you'll encounter on your financial journey.
A summary of the history of a property's ownership, including all recorded legal documents and claims.
A periodic summary of account activity issued by a bank to the account holder showing deposits, withdrawals, and balances.
The part of an insurance policy that summarizes key details like the policyholder's name, coverage limits, premium costs, and effective dates.
A summary section of an insurance policy that lists key details like coverage limits, deductibles, premiums, and policy dates.
An options Greek that measures the rate of change in an option's Delta for every one-point move in the underlying stock price.
A summary measure of average achievement in key dimensions of human development, including life expectancy, education, and per capita income. It provides a broader view of a nation's well-being than GDP alone.
Money Market Account: This is a type of savings account offered by banks that usually pays a higher interest rate than a standard savings account. It provides you with easy access to your money, often with limited check-writing or debit card features, making it a safe place to park cash while earning a little extra interest.
A Profit and Loss Statement is a simple summary that shows how much money a business made and spent over a period of time. It acts like a scorecard to tell you if the business actually made money or lost it during the month or year.
A rare economic condition characterized by slow economic growth and relatively high unemployment accompanied by rising prices. It presents a dilemma for policymakers because actions to lower inflation may increase unemployment.
A summary document sent to students after they submit the FAFSA, detailing their financial information and aid eligibility.