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Making Cents of It A
Term | Definition |
---|---|
Budget | An estimate, often itemized, of expected income and expense for a period of time in the future |
Closed-end credit | Encompasses one-time loans for a specific time period |
Credit | The supplying of goods, services or money in exchange for the promise of future payment |
Compliance | Acting according to certain accepted standards; “their financial statements are in compliance with generally accepted accounting practices” |
Consequence | The effect, result or outcome of something occurring earlier |
Consumer | A person who uses goods and services, usually in exchange for money |
Consumer credit | Credit extended to consumers for personal needs, not business needs |
Decision | The act or process of deciding; determination, as of a question or doubt, by making a judgment |
Decision-making process | The process of selecting from several choices and taking action |
Desire | To wish or long for; to want |
Economic | Pertaining to the production, distribution and use of income, wealth and commodities |
Financial planning | A tool that allows us to define our financial goals by assessing our current financial situations and then planning what we need to do to achieve those goals |
Habit | An acquired behavior pattern regularly followed until it has become almost involuntary |
Human capital | Skills, knowledge and experience possessed by an individual or population viewed in terms of their value or cost to an organization or country |
Open-end credit | Refers to loans available on an ongoing basis within set credit limits |
Procrastination | To put off doing something, especially out of constant carelessness or laziness |
Security | Something deposited or given as assurance of the fulfillment of an obligation; a pledge |
Spontaneity | Unplanned behavior, impulse or movement; spur of the moment |
The Truth in Lending Act (TILA) | Protects you against inaccurate and unfair credit billing and credit card practices; it requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans |