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Financial Literacy

Terminology for the financial literacy unit

TermDefinition
gross income total revenue received before any deductions or allowances are taken out
net income the balance of gross income remaining after all allowable deductions and exemptions are taken
invest to spend money on something in the hope of a future return or benefit
personal property an estate or property consisting of movable articles such as furniture, jewelry, stocks or bonds
real property an estate or property consisting of lands and buildings, crops, or mineral rights on that land
lease to grant the temporary possession or use of land, car, apartment, etc. to another, usually for a fixed amount of time and money.
finance to supply with money or credit for a purchase, usually for a fixed amount of time and interest.
debit card a plastic card that resembles a credit card, but functions like a check and through which payments for purchases or services are made electronically
landlord a person or organization that owns and leases apartments to others
liability money or debts owed
asset items of ownership that can be sold
tax a sum of money demanded by a government for its support or for specific facilities or services
debt an obligation to pay something...something that is owed
credit union a cooperative group that makes loans to its members at low rates of interest
bank an institution for receiving, lending, exchanging, and safeguarding money and, in some cases, issuing notes and transacting other financial business
loan the act of lending
utilities a public service such as electrical, natural gas, or telephone service
interest a charge made for borrowing money, or a payment made by a bank for the use of money deposited in an account
deposit to put money into a bank or other financial institution
budget a plan for how money will be spent or allocated
withdrawal to take money out of a bank account
insurance protecting property or one's life against loss or harm arising in specified events such as; fire, accident, death, disablement, etc. and for a payment proportionate to the risk involved
insurance coverage the total amount and type of insurance purchased by someone
comprehensive insurance the type of insurance which pays to repair or replace the owner's vehicle and personal property inside of it if damaged or lost due to something such as fire, theft, flood, or vandalism
collision insurance the type of insurance protecting an automobile owner against loss or damage to the vehicle resulting from a collision or other accident.
liability insurance the type of insurance that covers the insured in case of legal responsibility for damage caused by an automobile
deductible the amount the insured has to pay on each loss or injury before the insurance company will pay anything
Created by: ymoore on 2013-12-10



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