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83-87
| Term | Definition |
|---|---|
| Abilities | The things you do well |
| Annual fee | A yearly fee |
| Aptitudes | Your natural talents |
| APR | Annual percentage rate is the amount of interests charged for and unpaid balance. |
| Bank | A for- profit institution that offers personal loans, mortgages, and other services |
| Bankruptcy | A legal process that give a debtor protection from creditor. |
| Bond | An IOU issued by a company, municipality, or the federal government in exchange for a loan from an investor that will be repaid with a set rate of return |
| Budget | A record of income and spending and a plan for managing money |
| Career cluster | A grouping of jobs and industries related by skills or products. |
| Cash | Money in the form of bills and coins |
| Check | A written order for a bank to pay money |
| Compound interests | interest on the principal and the accumulated interest one deposit or loan |
| Credit | The amount of financial trust extended to a person or a business by a lender; a loan |
| Credit card | A card authorizing the holder to buy goods and services that can be paid for later |
| Credit limit | The maximum a cardholder can borrow. It is recommended that cardholders keep a balance of no more than 25 percent of the credit limit |
| Credit Report | A record of a person’s financial information, including previous addresses, social security number, current and previous employers, estimated income , credit card accounts with the amount owed and payment history, and loan information. |
| Credit score | A standardized measurement of the potential to repay a debt. |
| Debit | An amount deducted from a bank account. |
| Debit card | A card that looks like a credit card but operates like cash, money is immediately subtracted from the cardholder’s bank account when a purchase is made. |
| Debt | Money owed. |
| Deductible/co-pay | Money paid out of pocket before insurance covers the remaining cost |
| Discretionary income | Money available to spend on goods and services that are not essential. |
| Dollar-cost averaging | A method of investing a fixed amount in the same type of investment at regular intervals, regardless the price |
| Expenditures | Money that is spent on goods and services and bills |
| Finance charges | The cost credit- the fees and interest charged to finance the unpaid balance |
| Financial institution | A business that provide money- related services |
| Fixed cost | A business cost that remains the same , such as rent |
| Fixed expenses | Expenses that do not change from month to month such as auto insurance or rent |
| Foreclosure | A legal process in which which a lender takes possession of mortgaged property from a mortgage holder who failed to amke payment. |
| Impulse buying | Making a purchase based on an immediate want or due to the pressure of advertising |
| Income | Money recieved on a regular basis for work or through investments. |
| Income tax | A portion of one’s personal income paid by the government. |
| Insurance policy | A contract that outlines coverage plans and protects a person against financial loss or damage |
| Interest | A fee received or paid for the use of money |
| Interests | The things you like and enjoy doing |
| Internet bank | A web-only bank |
| Invest | To commit money to gain a profit or earn interest. |
| Long- term goals | Plans that take a year or more to accomplish. |
| Market research | Gathering consumer preferences for products and services |
| Medicare | A social insurance program programs that extends health coverage to almost a;; americans age 65 and over. |
| Minimum Payment Due | The smallest amount that can be paid to meet loan requirements |
| Mobile Banking | A wireless service that allows financial transactions by using an app or Web browser from a mobile device |
| Mutual Fund | A collection of stocks or bonds of various corporations |
| Needs | Goods or services that people cannot survive without, such as water, food, shelter, and clothing |
| Online Banking | An electronic way to view account activity and pay bills via the Internet and an institution’s website |
| Opportunity Cost | The next best alternative given up when making a financial choice |
| PayPal | An online payment service that allows consumers to transfer money electronically |
| PYF | To automatically save a specified amount from a paycheck for future use |
| Premium | The amount paid for an insurance policy |
| Previous Balance | Amount still owed from purchases prior to the current 30-day charge cycle\ |
| Principal | The amount of money originally invested |
| Risk | The possibility of financial loss or physical harm |
| Savings Account | An interest-bearing account where people put money for future use |
| Scarcity | The economic condition of limited resources that prevents people from having everything they want |
| Short-term goals | Plans that can be accomplished within three months to a year |
| Simple Interest | Interest that is paid only on the original principal |
| Social Security | (in the US) a federal insurance program that provides benefits to retired people and those who are unemployed or disabled |
| Stock | A share of a corporation sold to the public |
| Taxes | Required payments to a government |
| 3Cs of Credit | The factors that determine a credit score: character; capacity to repay; and capital; or what person owns |
| Values | The ideals that are important to you and your career choice |
| Variable Cost | A business that increases or decreases, such as labor |
| Variabable expences | Expenses that vary from month to month,such as entertainment,car repairs , or doctors bills. |
| want | Goods or services that make you more comfortable or content but which are not necessary for survival. |
Created by:
Savionr
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