Glossary

Term of the Week: Creditworthiness

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Internal Revenue Service (IRS)

The IRS (Internal Revenue Service) is responsible for tax collection and tax law enforcement.

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Life Insurance

Life insurance is insurance that will financially protect named beneficiaries in the event that the insured dies.

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Living Trust

A living trust allows easy transfer of assets without probate.

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Mortage

A mortgage is a loan to finance the purchase of your home.

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Municipal Stock

Municipal stock is a bond issued by a local government.

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Mutual Fund

A mutual fund is a pool of multiple investors’ assets.

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NASDAQ

NASDAQ is an electronic stock market where brokers can trade securities.

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Nonqualified Retirement Plans

A nonqualified retirement plan is an individually purchased plan in which contributions are not tax deductible but earnings are.

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Payroll Tax

Payroll rax for an individual is a deduction from his/her wages.

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Probate

Probate is the legal process in which a will or estate of a deceased person is reviewed.

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