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Vault Vocab

TermDefinition
assets what a person owns of value, such as jewerly, savings, art, a home, and a car
bank a place where people put their money for safekeeping, and for ease of use
brokerage firm helps people invest their money
budget a spending plan people make in oder to make sure there is enough income to cover all expenses
career something you build by going to school and working jobs related to the career you want
certificate of deposit a savings certificate that gains interest and has a set time before you can withdrawl your money
charity giving resources or volunteering time to help those in need
comparison shopping finding out wheter or not what you are about to buy can be found for a better price or in better shape at a different store
controlling risks stuff you do to make risks less dangerous or not dangerous at all
credit a loan that a person uses to pay for things, but is expected to pay back
credit union just like a bank, only its members own it
decision making considering different information to make a choice
entrepreneur a person who starts his or her own business
expense the cost of the things that people spend on money
financial advisor a person who is an expert at handling money and can give you information and advice about saving and investing
financial literacy the knowledge and skills to manage money
health insurance helps people pay for medicine and doctors when they ae sick or hurt
impulse buying buying stuff without thinking about whether or not you need it
income money earned from working and other means
income tax annual tax placed on the money employees make at jobs and collected by the federal government, most states, and some local governments
inflation the price of goods and services rise over time
interest the extra fee charged for borrowing money, or the cost of borrowing money
investing when you puchase a security like a stock or bond, in the hopes that over time it will make money
job work you do for money
long-term goal a goal that can be achieved in a longer amount of time. It can be months, years, or even an entire lifetime
need something you truly can't live without
opportunity cost the cost we pay when we give up soemthing to get something else
payment method what you use to pay for something, like cash or a check
peer pressure doing stuff just because your friends are doing it, or because your friends told you to, because you want your friends to like you and think you are cool
privacy keeping important information to yourself or between yourself and close family members
reliability being trustworthy; being responsible
risk an activity or action that might be dangerous
salary payment for work, represented as a yearly sum and paid portions every week, two weeks, or month including sick time and vacation time
sales tax a fee added to the sticker price of an item that is paid to the state or city
savings mone set aside for short- or long-term goals
savings account an account that gains interest and allows withdrawls
short-term goal a goal that can be achieved in a short amount of time. It can be a few days, weeks, or month
spend to use money to buy stuff
taxes fees placed on income, purchases, or property to support government programs
wage payment for work, usually calculated on an hourly, daily, ot piecework basis and paid on schedule-usually every week, two weeks, or month
want something you would like to have but will be okay without it
Created by: mlewis1
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