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Money Matters B
Money Matters Review and Test
| Term | Definition |
|---|---|
| bad risk | a person who has a history of not making payments on time |
| bankruptcy | a legal release from obligation to pay all or some of one's debt |
| credit counseling service | an organization providing financial management help and advice to people with debt troubles |
| creditworthy | a person who can be trusted to fulfill a contractual promise to pay back a loan in a timely manner |
| garnishment | automatic removal of funds from a paycheck for money owed |
| personal finance | an individual's assets and management of them |
| income | the money a person earns for providing a service or selling goods |
| risk | the chance or possibility of loss |
| budget | a plan that balances available resources and expenses |
| opportunity costs | the principle that one opportunity much be given up in order to consume or produce another |
| equity | the value of ownership in an asset in excess of debts owed on it |
| assets | things owned that have economic value |
| liabilities | debts owed |
| net worth statement | a statement of the difference between assets and liabilities |
| balance sheet | a summary of your assets, liabilities, and net worth during a specific time |
| income statement | a statement of net income , or revenues minus expenses |
| employee benefits | non-salary compensation granted to an employee |
| lifetime income | the total income you receive over the course of your lifetime |
| post secondary education | an education acquired beyond high school |
| vocational | of or relating to a specific trade or occupation |
| revenue | the total income received from an economic plan |
| income tax | a tax paid on personal income |
| property tax | a tax on the value of land, buildings, cars, and other kinds of personal assets |
| sales tax | a tax collected on the purchase price of goods or services |
| withholding | amounts removed from gross income to pay for taxes and other expenses |
| debit | withdrawing or taking money out of an account |
| deposit | adding money to an account |
| electronic funds transfer | system of moving money from one account to another without any paper money exchanging hands |
| outstanding | unpaid |
| overdrawn | have more money than was available taken out of an account |
| principle | the amount borrowed or the amount of a loan still unpaid |
| borrow | to obtain money by promising to repay it |
| credit score | the measure of how worthy a person is to receive loans |
| interest | a charge or fee in exchange for borrowing money |
| premium | the amount a holder of an insurance policy must pay the insurance company for the protection the policy offers |
| insurance | a financial service in which a consumer makes regular payments in exchange for a guarantee that costs associated with damages will be covered |
| deductible | the amount of money the consumer must pay for an insurance claim before the insurance policy pays the remainder |
| compensate | to pay someone for the value of something lost or damaged |
| liability | a responsibility to pay for or fix a proble |
| invest | to spend money or time on an asset, with the hopes that it will increase in value over time |
| discretionary | expenses that are optional |
| balanced budget | a budget in which the amount spent is less than or equal to the amount taken in |
Created by:
PRO Teacher
dmcbrownell
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