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PF 1.00-2.00 Vocab

PF 1.00-2.00 Vocabulary Terms

Financial goals    Specific objectives that are accomplished through financial planning
Financial planning Managing money continuously through life in order to reach your financial goals
Financial well‐being Managing money in ways that build a sense of understanding, competence, and control
Well‐being Feeling good about one’s life
Needs  Goods or services that are required for survival 
Opportunity cost  The value of the next best alternative that must be forgone as a result of a decision 
Trade‐off  Giving up one thing for another
Value  A fundamental belief or practice about what is desirable, worthwhile, and important to an  individual 
Want  The desire for goods and services that can increase our quality of life but are not absolutely  necessary for our survival
Short‐term goals  A goal that will be attained in less than one year 
Automated teller  machine (ATM)  A machine that allows individuals to complete certain transactions from the machine  without human assistance 
Goal  Something a person intends to acquire, achieve, or accomplish in the future
Long‐term goals    A goal that will be attained in more than one year
Checking account  An account that allows quick access to funds for transactions 
Commercial bank  For‐profit depository businesses that offer financial services to both consumers and other  businesses 
Contactless payment  Payment transactions that can be completed with no physical connection between the  payment device and the physical point of sale (POS) terminal or store clerk
Credit Union  Depository institutions that offer many banking services and are owned by their customers
Debit card  A plastic card that is electronically connected to the cardholder’s depository institution  account
Depository institution  Businesses that provide financial services
Interest  The price paid for using someone else’s money
Interest rate  The percentage rate used to calculate interest
Mobile banking  Apps that many depository institutions have developed that allow online banking access  from devices such as smartphones, tablets and other mobile devices
Online banking  Allows customers to complete certain transactions from a secured Internet site by using a  username and password from any place in the world with Internet access 
Savings account  An account at a depository institution that is designed to hold money not spent on current  consumption
Savings tool  Accounts offered by depository institutions whose main purpose is to help people manage  their money 
Community  A group of people with common interests and concern for the common good 
Earned income  Money earned from working for pay
Excise tax  Taxes collected from the seller or retailer and as such often remain “hidden” in the price of a  product or service, rather than being listed separately 
Income tax  A tax on earned and unearned income 
Payroll tax  A tax on earned income
Property tax   A tax on property, such as land, buildings (including homes), and automobiles 
Sales tax  A tax on purchased goods and services
Taxes  A sum of money demanded by a government to support the government itself as well as  specific facilities or services
Taxpayer  A person who pays a tax to national, state, county or municipal governments
Unearned income  Income received from sources other than employment
Asset  Items of monetary value a person or household owns 
Expense  Money spent 
Income  Money received 
Investment asset  Financial assets purchased with the hope that they will generate income and appreciate in  value to make it possible to sell at a higher price in the future
Liability  A debt or obligation owed to others
Market value  The amount you could realistically sell an asset for today 
Monetary asset  Assets that can be quickly and easily converted into cash
Net worth  A measure of financial wealth and indicates the monetary value of all possessions that a  person or household owns, minus the total amounts owed to others
Statement of Financial  Position  A financial statement that describes an individual or family’s financial condition on a  specified date by showing assets, liabilities, and net worth
Tangible asset  Personal property that was purchased to create a lifestyle or improve your life
Wealth  A measurement of how much a person or household owns once all debts have been paid
Gross income  An individual’s income earned as salary or wages before taxes and other deductions
Income and Expense  Statement  Lists and summarizes income and expense transactions that have taken place over a specific  period of time, usually a month or year 
Insurance  A product that transfers risk from an individual to an insurance company or organization
Mortgage  A payment, usually monthly,  applied to the balance of a home loan used when purchasing  housing
Net gain  When income is greater than expenses
Net income  Take home pay
Net loss  When expenses are greater than income
Savings  The portion of current income not spent on consumption
Spending plan  An income and expense statement sometimes referred to as a budget which records  both planned and actual income and expenses over a period of time
Created by: tomlinc



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