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PersonalFinance&Econ
Chapter 20
| Term | Definition |
|---|---|
| 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 |
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Nelly916
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