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* Cook Unit 10 $$

* Cook Unit 10 Money Management

QuestionAnswer
Annual Percentage Rate (APR) the rate of interest (in terms of a percent, such as 8.75%) being charged for a loan over a year's time. The APR rate includes interest, transaction fees, and service fees.
Appreciate to grow in value. Usually a term used in relation to investments: stocks, collectibles, etc., which are now worth more than you paid for them.
Balance loans - the difference between the amount owed and the amount paid. checkbooks- to account for all money that came into and went out of account, bank statement agrees with you. savings - what is left in account after you deposit or withdraw money.
Bankruptcy so much debt that you are legally declared unable to pay in full the people and companies you owe. When you legally declare yourself bankrupt in some states, you must sell off all your possessions and pay off your debts as best you can.
Budget a plan you create for controlling spending and encouraging saving.
Charge to borrow money (from a store, service provider, or credit card company) to make a purchase. If you do not pay the debt off in full within the card issuer's grace period (usually 25-28 days), you will pay interest on the amount you owe.
Collateral property used to assure the payment of a loan. In other words, if the borrower does not pay back the loan, the borrower must give up this property or money.
Credit a loan that enables people to buy something now and to pay for it later.
Credit Limit the highest amount you may charge on a credit card. Your limit is set by your card company's opinion of your ability to handle debt.
Credit History a record of your borrowing and paying habits. Credit reporting companies track your history and supply this information to credit card companies, banks, and other lenders.
Debt money or goods you owe.
Deposit to put money into a bank or investment account.
Entrepreneur a person who assumes the risk to start a business with the idea of making a profit.
Expenses things you pay money for - both needs and wants.
Finance Charge the fee you pay when you do not pay off the entire credit card debt within a single payment period, usually about 25-28 days.
Fixed Expenses expenses which stay basically the same from month to month, such as housing and transportation.
Grace Period the time, usually about 25-28 days, which you have to pay a bill or a loan in full. If you pay within the grace period, you do not have to pay a finance charge.
Income Tax money that wage earners pay the government to run the country. The amount of the tax depends upon how much you earn.
Insufficient Funds a phrase that means you did not have enough money to cover an expense. Usually checks that bounce are returned stamped with the phrase, "insufficient funds." The amount of the check was larger than the balance in the checking account.
Income the amount of money received as payment for work, goods, or services, or as profit on capital
Interest the amount paid by a borrower to a lender for the privilege of borrowing the money.
Investment using your money to try to make more money – for example, by depositing money in a bank or by buying a bond or stock in a company.
Invest to put your money into an account that you hope will grow in value and earn you more money.
Late fee A fee charged to you for missing a payment date. If your payment arrives “late” or not at all, the charge is added to your debt. Late fees are strong penalties. Credit companies routinely charge $30 or more if you miss your payment date. Get organized!
Loan money or an object that is lent, usually with the understanding that the loan will be paid back, usually with interest.
Minimum Payment the smallest amount you are required to pay a lender each month on a debt.
Mortgage usually refers to the money borrowed from a lender to buy a house; the borrower makes payments on the loan each month until the entire loan, along with interest, is paid in full.
Opportunity Cost the next best alternative that is given up when a choice is made. For example, when you spend your money, you lose your “opportunity” to use it in other ways.
Overdraw to take more money out of an account than is available in the account. You write a check for $25.00, but your account contains only $20. You will have to pay the bank a penalty charge for going over the limit.
Principle this is the amount of money you borrow in a loan. You pay this back plus interest.
Profit the money you've earned after you subtract a) any money you had to spend to make the product or perform the service. B) any taxes that had to be paid on your earnings.
Retirement leaving a job or career at a certain age, 60-65 years of age in U.S.
Return the amount of money a saver receives from a savings account or fund. The return is usually talked about as a percentage, such as "This account returns 7.37%.
Risk the likelihood that you will lose money on an investment.
Save hanging onto your money for a future use instead of spending it. Saving is the opposite of spending.
Scarcity a lack of something, like money, natural resources, etc. Scarcity forces you to make choices about how you use or treat whatever is scarce.
Spending to pay out money in exchange for goods or services
Standard of Living the level of material well-being of an individual or group.
Stock Market organized way for 1) people to buy and sell stocks and 2) corporations to raise money. Three widely known The New York Stock Exchange, the American Stock Exchange, and the NASDAQ
Withdraw take money out of an account.
Created by: kcook on 2009-04-01



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