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PF 5.00-6.02 Vocab
PF 5.00-6.02 Vocabulary Terms
| Term | Definition |
|---|---|
| Community | A group of people working together for a common good |
| Family | Related or unrelated individuals sharing various resources (especially time and money) who also show concern about each other’s well‐being |
| In‐kind income | The provision of a product or service in lieu of money |
| Non‐profit organization | Non‐profit organization An organization that exists to benefit others through human service, conservation, religious, or other charitable purposes |
| Social capital | The access a person has to social relationships that can provide resources |
| Government | The system of governance that provides structure, protection, and services to people residing in a nation, state, county, or municipality (city/town) |
| Non‐profit organization | Organizations that exist for human service, conservation, religious, or other charitable purposes to benefit others |
| Taxpayer | People who pay taxes to federal, state, county or municipal (city/town) governments |
| Compound interest | Earning interest on interest |
| Consumption | The purchase of goods and services |
| Do it yourself | When you complete a task yourself rather than paying someone else |
| Emergency savings | Cash set aside to cover the cost of unexpected events |
| Interest | Price paid for using someone else’s money |
| Interest rate | Percentage rate used to calculate interest |
| Liquidity | How quickly and easily assets can be accessed and converted into cash |
| Pay yourself first | Saving for the future by putting money aside before paying regular monthly bills or using income for discretionary purchases |
| Principal | The original amount of money saved or invested |
| Saving | Accumulation of excess funds by intentionally spending less than you earn |
| Savings | Portion of income not spent on consumption |
| Time value of money | Money available at the present time (today) is worth more than the same amount if received in the future |
| Certificate of deposit | An account at a depository institution that is used for a fixed period of time and allows restricted access to the funds deposited |
| Checking account | An account that allows quick access to funds for transactions |
| Depository institution | Businesses that provide financial services |
| Liquidity | How quickly and easily an asset can be converted into cash |
| Money market deposit account | A account at a depository institution that usually has minimum balance requirements and tiered interest rates |
| Savings account | An account at a depository institution that is designed to hold money not spent on current consumption |
| Savings tools | Accounts offered by depository institutions whose main purpose is to help people manage their money |
| Tiered interest rate | The amount of interest earned depends on the account balance |
| Borrower | Someone who receives something with a promise to return it or its equivalent |
| Closed‐end credit | A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit |
| Collection agency | Businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract |
| Co‐signer | A person who is equally responsible for paying back debt under the credit terms |
| Credit | Refers to goods, services and/or money received in exchange for a promise to pay back a definite sum of money at a future date |
| Credit history | A record of the borrower’s past loans and credit‐related transactions |
| Credit limit | The maximum dollar amount that can be borrowed |
| Credit report | A record of a person’s use of credit |
| Credit reporting agencies | Agencies that create credit reports based on the information they receive from lenders regarding a borrower’s account history with that lender. Sometimes called credit bureaus |
| Credit score | Credit score A numerical summary of your credit history that indicates your credit worthiness (likelihood of repaying a loan as agreed) |
| Foreclosures | When a borrower fails to keep up with mortgage payments and the lender takes possession of the property |
| Lender | A person or organization who makes funds available for others to borrow |
| Open‐end credit | A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit |
| Tax lien | Tax lien A legal claim by a government entity to take an individual’s property or income when their taxes are not paid in full |
| Alternative credit | A source of credit that may combine elements of open and closed‐end credit and usually have higher interest rates and fees than other forms of credit |
| Closed‐end credit | (also known as installment credit) is a loan which you must repay in a specified number of equal monthly payments |
| Open‐end credit | (also known as revolving credit) is extended as a line of credit established in advance, so you do not have to apply for credit each time credit is desired |
| Pawn loan | A loan based on the value of personal property |
| Payday loan | A short‐term loan that provides immediate cash by securing a borrower’s written check or receiving authorization for automatic withdrawal from the borrower’s depository institution account |
| Refund anticipation loan | Short‐term cash advance secured by a taxpayer’s expected tax refund |
| Rent‐to‐own | Tangible items such as furniture, electronics or household appliances are leased with the condition that the item will be owned by the renter if the term of rent is completed. The cumulative end amount a consumer pays to lease an item is typically higher. |
| Title loan | The borrower gives the lender his/her automobile title in exchange for a set amount of cash. The lender holds the title until the loan is repaid. If the loan is not repaid as agreed, the lender keeps title to the item. |
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