Financial Literacy Tudor Nitzoy

#1 Types of economic systems

Traditional: Countries where people are living off the land (poor countries)

Command: Like a communist government (government controls everything)

Market: Democratic (individuals get to decide)

Mixed: The individual owns resources but government sets laws (taxes, safety rules, making things illegal, ext)

#2 Types of banks

Commercial Bank: a bank only for business

Mutual savings banks: Charted by state, made because people in suburbs did not have banks

Savings and loan: bank for regular consumer

Credit unions: Provide small banking functions for you

Internet banks: only online banks

#3 Types of endorsements

Blank: Only has your signature

Special: Says pay to the order of... so you can write the check for anyone and has your signature

Restrictive: Says for deposit only, account number and the signature

#4 How to profit on stocks

capital gain- Buying low and selling high.

Company dividend- The money the company pays you for investing in it.

#5 The three c of credit

Capital- The things you own; car, furniture, ect

Character- Your willingness to repay your loan; plus how long you lived where you live, if you pay your bills on time, ect.

Capacity- Ability to repay your lown; your income, how much dept you have, ect.

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