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Basic Personal Finan
Basic Personal Finance Terms
| Term | Definition |
|---|---|
| The amount of money you earn. This can come from a job or investments. It is limited. | Income |
| Money earned per hour in exchange for your physical or mental labor | Wage |
| Fixed amount of money earned per day, month, or year in exchange for your physical or mental labor | Salary |
| Giving money in order to receive a good or a service | Spending |
| Things you must have to survive | Needs |
| Things you would like to have to raise your standard of living | Wants |
| A spending plan | Budget |
| Long term plan on how you are going to use your money (kind of like a long term budget) | Personal Money Management Plan |
| Fancy word for putting money somewhere in your budget | Allocation |
| Money put away to be used later | Savings |
| Borrowing money and promising to pay it back later with interest added. Can be a loan or credit cards | Credit |
| Fee paid for the use of borrowed money | Interest |
| A yearly rate that determines how much interest you will pay for loans | Interest Rate |
| Allowing others to use your money in return for giving you interest | Investing |
| Someone who takes on personal risk to start a business | Entrepreneur |
| The least amount that you are required to pay on a debt | Minimum Payment |
| A fee paid when you pay a bill after the due date | Late Fee |
Created by:
Shaver
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