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Vault Vocab
Term | Definition |
---|---|
Assets | what a person owns of value |
Bank | A place where people put their money for safekeeping |
Brokerage Firm | Helps people invest their money |
Budget | A spending plan people make in order to make sure there is enough money to cover all expenses |
Career | Something you build by going to school and working jobs related to the career you want |
Certificate of Deposit | A savings certificate that gains interest and has a set time before you can withdraw 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 is a good deal |
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 |
Entrepreneur | A person who starts his or her own buisness |
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 financial information and advice |
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 government |
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 it will make you money |
Job | Work you do for money |
Long-Term Goal | A goal that can be achieved in a longer amount of time. |
Need | Something you truly could not live without |
Opportunity Cost | The cost we pay when we give up something to get something else |
Payment Method | What you use to pay for something |
Peer Presure | Doing stuff just because your friends are doing it |
Privacy | keeping important information to yourself or between yourself and your close family members |
Reliability | being trustworthy |
Risk | an activity or action that might be dangerous |
Risk Pervention | Stuff you do to stop consequences of risks |
Salary | Payment for work, yearly |
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 withdrawls |
Short-term goal | A goal that can be achieved in a short amount of time |
Spend | to use money to buy stuff |
Taxes | fees placed on income, purchases, or property |
Wage | Payment for work, hourly or daily |
Want | Something you would like to have but will be okay without |