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Making Cents of It A
| Term | Definition |
|---|---|
| Budget | An estimate, often itemized, of expected income and expense for a period of time in the future |
| Closed-end credit | Encompasses one-time loans for a specific time period |
| Credit | The supplying of goods, services or money in exchange for the promise of future payment |
| Compliance | Acting according to certain accepted standards; “their financial statements are in compliance with generally accepted accounting practices” |
| Consequence | The effect, result or outcome of something occurring earlier |
| Consumer | A person who uses goods and services, usually in exchange for money |
| Consumer credit | Credit extended to consumers for personal needs, not business needs |
| Decision | The act or process of deciding; determination, as of a question or doubt, by making a judgment |
| Decision-making process | The process of selecting from several choices and taking action |
| Desire | To wish or long for; to want |
| Economic | Pertaining to the production, distribution and use of income, wealth and commodities |
| Financial planning | A tool that allows us to define our financial goals by assessing our current financial situations and then planning what we need to do to achieve those goals |
| Habit | An acquired behavior pattern regularly followed until it has become almost involuntary |
| Human capital | Skills, knowledge and experience possessed by an individual or population viewed in terms of their value or cost to an organization or country |
| Open-end credit | Refers to loans available on an ongoing basis within set credit limits |
| Procrastination | To put off doing something, especially out of constant carelessness or laziness |
| Security | Something deposited or given as assurance of the fulfillment of an obligation; a pledge |
| Spontaneity | Unplanned behavior, impulse or movement; spur of the moment |
| The Truth in Lending Act (TILA) | Protects you against inaccurate and unfair credit billing and credit card practices; it requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans |