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JA FinancePark Vocab
| 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 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 than 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; 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, 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 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 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 |
| 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 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 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 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. |
| 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. |
Created by:
Brady Lawhorn
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