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bank finance
| 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 interest charged for any unpaid balance. |
| Bank | A for-profit institution that offers personal loans, mortgages, and other services. |
| Bankruptcy | A legal process that gives a debtor protection from creditors. |
| 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 or coins |
| Check | A written order for a bank to pay money |
| Compound interest | interest on the principle and the accumulated interest on a deposit or a 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% of the credit limit. |
| Credit report | A person’s of a person financial information |
| Credit score | A standardized measurement of the potential to repay a debt |
| Credit union | A not-for-profit cooperative that offers bank services and is owed by its members |
| 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 costs |
| 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 |
| Expenditures | Money that is spent on goods |
| Finance charges | The cost of credit-the fees and interest charged to finance the unpaid balance |
| Financial institution | A business that provides money-related services |
| Fixed cost | A business cost that remains the same |
| Fixed expenses that do not change from month to month | such as auto insurance or rent |
| Foreclosure | a legal process in which a lender takes possession of mortgaged property from a mortgage holder who failed to make payments |
| Impulse buying | Making a purchase based on an immediate want or due to the pressure of advertising |
| Income | Money received on a regular basis for the work or though investments |
| Income tax | A portion of one’s personal income paid to a government |
| Insurance policy | A contract that outlines coverage plan and protect 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 takes a year or more to accomplish |
| Market research | Gathering consumer preferences for products and services |
| Medicare | A social insurance program that extends healthy coverage to almost all 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 |
| Mutual funds | a collection of stocks or bonds of various corporations |
| Needs | Goods or services that people cannot survive without |
| 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 |
| Pay Yourself First [PYF] | To automatically save a specified amount from a paycheck use |
| Premium | The amount paid for an insurance policy |
| Previous balance | Amount still owed from purchases prior to the current 30-day charge cycle |
| Principle | The amount due of money originally invested |
| Risk | The possibility of financial loss of physical harm |
| Savings account | |
| 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 principle |
| Social security | A social insurance system that provides benefits the most Americans who are retired |
| 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 |
| Values | The ideals that are important to you and your career choice |
| Variable cost | A business cost that increase or decrease |
| Variable expenses that vary from month | such as entertainment |
| Wants | Goods and services that make people more comfortable or content bit which are not necessary for survival. |
Created by:
jairo salazar
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