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WHS BAC Chapter 4 Managing a Household vocabulary

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term
definition
landlord   the person who owns and rents property to another  
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lease   a contract to rent property  
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annual   yearly; relating to a period of 12 months  
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down payment   part of the price paid when something is purchased  
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financed   borrowed  
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interest   a payment charged to the borrower for the use of money  
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mortgage   a property loan  
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principal   the amount of money loaned to a creditor  
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fixed-rate mortgage   a loan in which the interest rate and payments remain the same  
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monthly payment   the amount of money paid every month  
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variable-rate mortgage   a loan in which the interest rate and payments change over time  
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total interest   the total fee for borrowing money  
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term   the period of time for which money is loaned  
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utilities   household services  
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meters   devices that measure gas, electricity, or water  
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dials   the parts of a meter that show units  
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units   single quantities  
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cubic feet   units used to measure volume  
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average   the middle point in a group of numbers; a common or usual number  
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kilowatt   a unit of electricity equal to 1,000 watts  
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kilowatt hour (kwh)   the energy used by one kilowatt in one hour  
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watt   a unit of electricity  
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flat rate   a base amount charged for monthly telephone service  
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optional   involving a choice  
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mortgage insurance   a policy that pays all or part of the balance owed on a house  
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homeowner's insurance   a policy that pays for loss from fire or other reasons  
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covereage rate   the percent paid for homeowners insurance protection  
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