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Glossary Words: B&F

flashcards for ALL units

TermDefinition
Abilities : The things you do well.
Annual fee : A yearly fee.
Aptitudes : Your natural talents.
APR : Annual precentage 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 and investor that will be repaid with a set rate of return.
Budget : A reocrd 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 is the form of bills or coins.
Check : A written order for 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 : The maximum a cardholder can borrow. It is recommended that cardholders keep a balance of no more that 25 percent if 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 look 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 owned.
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 intervels, regardless of price.
Expenditures : Money that is spent on goods, services,and bils.
Finance charges : The cost of credit - the fees and interest charged to finance to 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 a regular basis for work or through investments.
Income tax : A portion of one's perosnal 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 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 or Web browser from a mobile device.
Mutual fund : A collectionof 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 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 : A social insurance system that provides benefits to most American 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 a 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 or services that make people more comfortable or content but which are not necessary for survival.
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