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vocab words
| 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 |
| 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 principal and the accumulated interest on a deposit or a loan |
| Credit | The amount of financial trust extended to a person or a business by 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 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 amount owed and payment history, and loan 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 owned 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 |
| 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, regardless of price |
| Expenditures | Money that is spent on goods, services, and bills |
| Finance Charges | The cost of credit- the fees and interest charged th finance the unpaid balance |
| Financial Institution | A business that provides 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 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 regular basis for work or through investments |
| Income Tax | A portion of one’s personal income paid to a 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 thing 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 that extends health 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 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 |
| Pay Yourself First (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 change cycle |
| Principal | The amount of money originally invested |
| Risk | The possibility of financial loss and 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 | A social insurance system that provides benefits to the most Americans who are retired, sick, or too disabled to work, and to families of workers who have died |
| 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 cost that increases or decreases, such as labor |
| Variable Expenses | Expenses that vary from month to month, such as entertainment, car repairs, or doctor bills |
| Wants | Goods and services that make people more comfortable or content but which are not necessary for survival |
Created by:
23ballard.daniel
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