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finachal littericy

finachal littericy vocabulary

TermDefinition
Annual Percentage Rate (APR) The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
income Money earned from a job or other sources.
occupation The name for a unique set of tasks, skills and abilities that a worker performs.
budget A financial plan used to forecast and track income and expenses.
income/revenues Money, or other funds, taken in. Money received; money gained from labor (work), business, or property.
principal The amount of money borrowed.
compound interest The amount of money borrowed.
Installment Loan A loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years.
salary Compensation, most usually monetary, paid in exchange for fulfillment of one's duties in a position. Note that some types of income can be non-salary.
Credit The providing of money or goods with the expectation of payment in the future. Trust given to a customer for future payment for goods purchase.
Interest The cost of money that is borrowed, which is usually a percentage of the borrowed amount.
Saving Setting aside of income for future spending
Credit Report A record of your credit history that includes information about your identity, existing credit, public record, and inquiries about you.
Interest Charged The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
Savings Account A bank [or credit union] account in which you deposit money for future spending.
Finance Charge A finance charge is often an aggregated cost, including the cost of the carrying the debt itself along with any related transaction fees, account maintenance fees or late fees charged by the lender.
Interest Earned The profit on money that is invested, which is usually a percentage of the invested amount.
Simple Interest Interest paid or figured on the original amount of a loan or on the amount of an account
Fixed Expense A cost of goods or services that is paid regularly.
Investment Money put aside for profit: A financial holding that is purchased with the expectation of increased value; investments can be secured or unsecured, and the expected value of return on one's investment is usually dependent on the degree of risk involved.
Taxes (federal, state, local) Required payments of money to governments that are used to provide public goods and services for the benefit of the community as a whole.
Wages a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.
Variable Expense A cost of goods or services that changes in amount from week to week or month to month.
Compound Interest Interest paid or to be paid both on the principal and on accumulated unpaid interest.
Created by: kreekjames
 

 



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