6th Personal Finance Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| ATM | these letters stand for Automatic Teller Machine. This is an electronic banking station that enables people to take care of banking business 24 hours a day, 7 days a week. You can deposit and withdraw money, pay loans, etc. at most ATMs.
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| Balance | 1)In talking about loans, the balance is the difference b/w the amount owed and the amount paid. If you pay $45 on a $100 debt., your balance is $55.
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| Balance | 2)In talking about checkbooks, balancing means to account for all money that came into and went out of your account, so that at the end of the month you and your bank statement agree.
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| Balance | In talking about savings, your balance is what is left in your savings account after you deposit or withdraw money.
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| Budget | a plan you create for controlling spending and encouraging saving.
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| Charge | to borrow money (from a stor, 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.
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| Check Register | a small booklet comes with your checkbook and gives you record sheets so that you can keep track of all the deposits, ATM withdrawals, and checks you write.
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| Credit | a loan that enables people to buy something now and to pay for it in the future.
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| Credit Card | a card used to borrow money to make a purchase. If the borrowed amount is not paid in full within the grace period (approx. 25 - 28 days) interest is charged on the amount owed.
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| Credit History | a record of your borrowing and buying habits. Credit reporting companies track your history and supply this information to credit card companies, banks, and other lenders.
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| Credit Rating or Score | this is a score or grade that credit companies assign to you based on how you handle your money and pay your bills.
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| Debit Card | this plastic card looks like a credit card. Used to withdraw $ from a savings/ checking acct. When you use a debit card at ATM, to make purchases, $ is immediately withdrawn from your account. You cannot withdraw more money than you have in the account.
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| Debt | money or goods you owe.
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| Deposit | to put money into a bank or investment account.
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| Fixed Expenses | expenses that stay basically the same from month to month, such as housing and transportation.
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| Income Tax | money that wage earners pay the government to run the country. The amount of tax depends upon how much you earn.
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| Interest | the amount paid by a borrower to a lender for the privilege of borrowing the money.
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| Interest Rate | the price paid for the use of someone else's money expressed as an annual percentage rate, such as 6.5%.
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| Investment | using your money to try to make more money - for example, by depositing money in a bank or buying a bond or stock in a company.
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| Loan | money or an object that is lent, usually with the understanding that the loan will be paid back, usually w/ interest.
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| Mortgage | usually refers to the money borrowed from a lender to buy a house; the borrower makes payments on a loan each month until the entire loan, along with interest, is paid in full.
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| Net pay | the amount of your income or paycheck after any deductions,like taxes or insurance payments, are subtracted. This is your take-home pay.
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| 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.
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| Principal | this is the amount of money you borrow in a loan. You pay this back plus interest.
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| 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.
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| Save | hanging onto your money for a future use instead of spending it. Saving is the opposite of spending.
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| Savings Account | a bank account that pays you interest for keeping your savings in it. Banks use your money to make loans, so they pay you interest for the use of your money. The FDIC insures your savings up to $100,000, so you don't have to worry about borrowers taking
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| Withdraw | the act of taking money out of an account.
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| Simple Interest | interest earned on the principal and paid out to a depositor.
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| Compound Interest | interest computed on the sum of the principal and previously earned interest.
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