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GLOSSARY
Checking account
A checking account is an arrangement with a banking institution that allows a consumer to deposit funds and then write checks to be drawn on those deposited funds. Checking accounts vary widely in their features: some charge a monthly fee, some pay interest on the deposits, some have minimum balance requirements, etc.
Checks returned with statement
Checks returned with statement is an option offered with some checking accounts, whereby the bank returns all canceled checks to the accountholder, along with the monthly statement.
Cherry picking
Cherry picking is the act of selectively choosing something. In investing, some investors and fund managers may choose securities that have performed well in another portfolio, rather than making the selection by way of thoroughly researching an entire category of securities. In bankruptcy, the courts might "cherry pick" the contracts that benefit the insolvent company, while eliminating the contracts that do not.
Child and dependent care credit
The child and dependent care credit is a tax break offered to taxpayers who must incur childcare or dependent care expenses in order to work or seek employment.
Child tax credit
A child tax credit is a tax break available to taxpayers who claim a dependent child, or children, on their tax returns.
Christmas club
A Christmas Club is a deposit account designed to help accountholders save for Christmas expenses. The account may be structured to fund itself via automatic monthly transfers from a linked checking account. Typically, the Christmas Club would pay interest on the deposits, and may assess penalties if the money is withdrawn before a specific date.
Circuit breaker
A circuit breaker is a mechanism that shuts off the flow of electricity to certain parts of a building for safety purposes. In investing, the term refers to procedures implemented by stock exchanges to prevent massive, panic-driven sell-offs. The most common of these is a trading halt that goes into effect when a particular index starts dropping significantly in value.
Citizenship test
Citizenship test is one of the requirements that must be met for a person to qualify as a dependent on a U.S. tax return. To pass the citizenship test, the dependent must be a U.S. citizen, an adopted foreign child that has lived in the household throughout the tax year, or a resident of Mexico or Canada.
Classic card
Classic card is the name that VISA uses in reference to its standard credit card.
Classified loan
A classified loan is an approved debt facility that's later identified by bank auditors as troubled or substandard.
Classified property tax
Classified property tax is an assessment system that charges different rates depending on whether the property is commercial or residential.
Clawback
A clawback is a decrease in value that follows an increase in value. In the stock market, a clawback occurs when a stock's value rises, and then falls shortly thereafter. In personal finance, a clawback occurs when one receives financial benefits which must subsequently be returned because stated contigencies weren't met.
Clean
Clean means debt-free.
Clear title
As the name implies it is clear and free of legal encumberances and liens vis-vis the ownership of the property
Clearance sale
A clearance sale happens when a retailer discounts prices in order to clear out slow-moving inventory and make room for next season's merchandise.