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Finance Park
Vocabulary
| 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 exchanged 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 a lender:a loan. |
| Credit card | A card authorizing the holder to buy goods and services that can be paid for later |
| Credit Limit | A credit limit is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular |
| Credit Report | A record of a persons 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 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 |
| 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 of price |
| Expenditures | Money that is spent on goods, services, and bills |
| 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,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 leader takes possession of mortgaged property from mortgage holder who failed to make payments |
| Impulse buying | Making a purchase based on immediate want or due to the pressure of advertising |
| Income | Money received on a regular basis for work or through investment |
| 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 things you like and enjoy doing |
| Internet Bank | A web-only bank |
| Invest | To commit money to gain a profit earn interest |
| Long-term goals | Plans that take a year of more to accomplish |
| Market research | Gathering consumer preferences for products and services |
| Medicare | A social insurance program that extends health coverage to almost all American age 65 and over |
| Minimum Payment Due | The smallest amount that can be paid to meet loan requirements |
| Mobile Banking | A wireless services that allows financial transaction by using an app or Web browser from a mobile device |
| Mutual Funds | A collection of stock or bonds of various corporations |
| Needs | Goods or services that people cannot survive without, such water, food, shelter, and clothing |
| Online Banking | An electronic way to view account activity and pay bills via the internet and an institution 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 charge cycle |
| Principal | The amount of money originally invested |
| Risk | The possibility of financial loss or physical harm |
| Saving 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 accomplish 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 most Americans who are retired,sick,or too disable 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 |
| 3 Cs of credit | The factors that determine a credit score: character; capacity to repay; and capital, or what a person owns |
| Values | The ideals that are important to you and your career choice |
| Variable expenses | Expenses that vary from month to month, such as entertainment, car repairs,or doctor bills |
| Wants | Goods or services that make people more comfortable or content but which are not necessary for survival |
Created by:
josiahferguson
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