Ally Dejargonator Quiz -

1. What is escrow?

A high-tech computer program that banks use.

A scarecrow emoji (yes, it’s a thing).

Funds that are deposited with your lender and used to pay taxes and insurance premiums.

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2. When you have a guarantor…

They'll be financially responsible if you default on your purchase contract or lease.
You have a guaranteed financial advisor and golfing buddy for life.
It's a guarantee that you’ll never make a bad money move.

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3. What's the difference between fixed rate and variable rate?

A variable interest rate changes with the phases of the moon. A fixed rate doesn't.

A fixed interest rate remains unchanged for a predetermined period of time. A variable rate fluctuates periodically.

A fixed interest rate is classic. A variable rate follows the trends.

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4. What does FDIC stand for?

Federal Deposit Insurance Corporation
Final Deposit Into CD
Financially Dependable Is Cool

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5. Why does your annual percentage yield (APY) matter?

Because you can't make a purchase with your mobile phone without it.

Because it tells you how much you’ll earn in interest in a 365-day period, taking into account the frequency of compounding.

Because it's the opposite of your BMI.

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6. When you have tax-deferred growth…

Your bill to Uncle Sam becomes the size of Mount Rushmore.

The balance of your portfolio gets smaller.

Any growth that occurs within your traditional IRA or SEP is not taxed until it is withdrawn.

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7. What's compound interest?

The total amount of interest you earn on all your savings accounts and CDs.
An investment in things made from multiple materials.
Interest that is calculated on the principal and on the interest you’ve already earned.

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8. An index is…

Used by banks to establish interest rates and compare investment returns.
A small white card where you write down all your account passwords.
A list of all your monthly expenses.

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