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vocab words

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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