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Ch. 7 Finances

Investigating Your Career, 2nd ed; Chapter 7: Understanding Finances

TermDefinition
needs Things that are necessary for you to live your live.
wants Things you desire, demand, or would like to have for reasons beyond survival and basic comfort.
check A written order to the bank to take money from your account to pay a person or business.
checking account A service provided by banking institutions to allow you to deposit and withdraw money.
FDIC Federal insurance designed to protect your money.
checkbook register Provides you space to track your checking account deposits and withdrawals.
online banking An option for paying your bills over the Internet.
debit cards Cards that allow for immediate deductions from your checking account.
savings account A bank account on which you earn interest.
financial plan A blueprint containing your personal goals, a timeline for reaching your goals, and an understanding of how to save to reach the goals.
budget A spending and savings plan.
income The amount of money you earn.
fixed expenses Expenses that are the same amount each month.
variable expenses Expenses that may be different amounts each month.
credit card debt The amount you owe on credit cards that you cannot pay.
insurance Coverage you can purchase to provide reimbursement or replacement in the case of loss, property damage, illness, or death.
investment Putting money into something with an expectation of a financial gain.
stocks Shares in a company.
certificates of deposit (CDs) Short- or long-term, interest-bearing investments offered by banking institutions.
tax shelters Investments designed to reduce the amount of your income that can be taxed.
529 Plan An educational investment account designed to help you prepay tuition or save for education.
401(k) A retirement savings investment that allows individuals to save for retirement and defer taxes until the money is withdrawn later.
IRA (Individual Retirement Account) An overall term for a retirement plan with tax advantages for retirement savings.
compounding interest Interest that is calculated on the balance, additional deposits made, and interest earned in a savings account.
Created by: sgillett