expected rate of return how much a project or an investment is expected to return to the investor, either in

future interest payments, capital gains, or increased profitability

face value the amount that the bond issuer or borrower agrees to pay the investor

financial intermediary an institution, like a bank, that receives money from savers and provides funds to

borrowers

high-yield bonds bonds that offer relatively high interest rates to compensate for their relatively high chance

of default

index fund a mutual fund that seeks only to mimic the market's overall performance

initial public offering (IPO) the first sale of shares of stock by a firm to outside investors

junk bonds see high-yield bonds

liquidity refers to how easily one can exchange money or financial assets for a good or service

maturity date the date that a borrower must repay a bond

municipal bonds a bond issued by cities that wish to borrow
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