1L Financial Glossary

What is it? Buy / Low risk

Finance Term Definition Added By: Isabella

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Financial Term Simplified Needs Test is An alternate method of calculating the expected family contribution for families with adjusted gross incomes of less than $50,000, who have filed, or are eligible to file, an IRS Form 1040A or 1040EZ, or are not required to file an income tax return. Excludes all assets from consideration.

Financial Term debt service coverage ratio is A simple comparison of the cash available to make principal and interest payments to the bank or to bond holders with the amount of those required principal and interest payments. Debt service coverage is expressed as a ratio with the annual net income divided by the annual debt service requirement.

Financial Term Date is The date shows when each current unaltered forecast was first published. The date changes if an element of the forecast is revised. If the current forecast is an upgrade (or downgrade) of an earlier forecast for the same period, a plus (or minus) sign is shown against the appropriate forecast element. If the current forecast has been reconfirmed since being first published, the reconfirmation date is recorded and, though not shown, is taken into account when date-weighting the consensus. When calculating the date-weighting, the reference point is moved forward to midway between first publication date and latest reconfirmation date.

Financial Term Moral Hazard is Refers to human natures increased incentive to take risk when insured.

Financial Term Cooperative is A building or development of two or more units in which the right to occupy a unit is obtained by the purchase of stock in the corporation which owns the building. The owner owns a share in the corporation, not the actual house or apartment. The owner does not have a deed. The owner may have taken a loan to purchase the stock, but will not have a mortgage on the unit. The mortgage, if any, covers the entire building or development and is an obligation of the corporation, not the individual owner.