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Vault Vocabulary

TermDefinition
Assets what a person owns of value, such as jewelery, savings, art, a home, and a car
Bank a place where people put their money for safekeeping, and for ease of use
Brokerage firm helps people invest their money
Budget a spending plan people make in order to make sure there is enough income to cover all expenses
Career something you build by going to school and working jobs related to the career you want
Certificate of deposite a savings certificate that gains interest and has a set time before you can withdraw your money
Charity giving resources or volunteering time to help those in need
Comparison shopping finding out whether or not what you are about to buy can be found for a better price or in better shape at a different store
Controlling risks stuff you do to make risks less dangerous or not dangerous at all
Credit a loan that a person uses to pay for things, but is expected to pay back
Credit union just like a bank, only its members own it
Decision making considering different information to make a choice
Entreprenuer a person who starts his or her own business
Expense the cost of the things that people spend money on
Financial advisor a person who is an expert at handling money and can give you information and advice about saving and investing
Financial institution a place, like a bank, that helps its members manage their money
Financial literacy the knowledge and skills to manage money
Health insurance helps people pay for medicine and doctors when they are sick or hurt
Impulse buying buying stuff without thinking about whether or not you need it
Income money earned from working and other means
Income tax annual tax placed on the money employees make at jobs and collected by the federal government, most states, and some local governments
Inflation the price of goods and services rises over time
Interest the extra fee charged for borrowing money, or the cost of borrowing money
Investing when you purchase a security like a stock or bond, in the hopes that over time it will make money
Job work you do for money
Long-term goal a goal that can be achieved in a longer amount of time. It can be months, years, or even an entire lifetime
Need something you truly can not live without
Opprotunity cost the cost we pay when we give up something to get something else
Paymnent method what you use to pay for something, like cash or a check
Peer pressure doing stuff just because your friends are doing it, or because your friends told you to, because you want your friends to like you and think you are cool
Privacy keeping important information to yourself or between yourself and close family members
Reliability being trustworthy; being responsible
Risk an activity or action that might be dangerous
Risk prevention stuff you do to stop consequences of risks from happening
Salary payment for work, represented as a yearly sum and paid in portions every week, two weeks, or month including sick time and vacation time
Sales tax a fee added to the sticker price of an item that is paid to the state or city
Savings money set aside for short- or long-term goals
Savings account an account that gains interest and allows withdrawals
Short-term goal a goal that can be achieved in a short amount of time. It can be a few days, weeks, or months
Spend to use money to buy stuff
Taxes fees placed on income, purchases, or property to support government programs
Wage payment for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule - usually every week, two weeks, or month
Want something you would like to have but will be okay without
Created by: atoledo
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