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FL Week 3
Financial Literary Week 3 Terms
| Term | Definition |
|---|---|
| Earned Interest | the payment you receive for allowing a financial institution or corporation to use your money |
| Employee Benefits | Additional benefits, beyond a paycheck, offered by employers (e.g., health insurance or pension plan). |
| Equity | The difference between how much your house is worth and how much you owe on your mortgage. |
| Fixed Expenses | Expenses that cost the same amount every time |
| Grace Period | The length of time you have before you start accumulating interest or get charged late fees on an unpaid balance |
| Gross Income | The total amount of income from wages before any payroll deductions |
| Identify Theft | When someone uses your name, Social Security number, credit card number, and other personal information without your permission |
| Income | any money an individual receives |
| Interest | the additional amount you will pay to a lending institution to borrow money. In terms of savings, interest is the additional amount you will earn for having your money in a bank account or other savings vehicle |
| Investment | Setting aside money for future income, benefit, or profit to meet long-term goal; using savings to earn a financial return |
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awwinfrey