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PersonalFinance&Econ

Chapter 20

TermDefinition
consumer who buys a product or a service buys needs or wants
disposable income money that remains after taxes spend it on things that they don't necessarily need
discretionary income money that remains after payment for needs usually put to pay for needs but sometimes for wants
consumerism movement o educate buyers education about the purchases they make to demand better and safer products
comparison shopping compare prices and the products at different stores read articles newspapers and go to different stores
warranty warranty for a product and if you try to fix the product by yourself it could cancel the warranty might void the warranty if you try to fix the product yourself
budget a plan for making and spending money
income money you earn basic terms are the same no matter how much money you earn
expense money you spend on everything you purchase even what you save is counted balance id the amount of money you have left over after you subtract all your expenses
credit borrowing money to pay for something while promising to repay it later on a card or just a friendly loan
annual percentage rate (APR) annual cost of credit percentage of the amount borrowed
collateral property such as a hour or a car or any valuable object physical
bankruptcy inability to pay for debts based off of your credit ratings from the last 7-10 years
save money you set aside for anything you want percentage of the money you urn change in a jar
interest payment people receive when they lend there money or let other people use it percentage of the lent money
principle amount you initially deposited you can't write a check on a savings account thats what a checking account is for
return profit earned usually low invest in bonds and stock to because of the higher return
stock partial ownership of a company if the company does good then the share or shares that you own will go up in value
dividend payment to stock owners increase your profit from owning a stock
bond lending of money to a company issue bonds to get money for new equipment and research doesn't give you partial ownership of the company or government
mutual fund pools of money from many people money is invested in a selection of individual stocks
impulse buying buying of things that you don't need at all waste of money and true purchases usually just sit around and never get used go into debt
Created by: Nelly916