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Money Matters B

Money Matters Review and Test

bad risk a person who has a history of not making payments on time
bankruptcy a legal release from obligation to pay all or some of one's debt
credit counseling service an organization providing financial management help and advice to people with debt troubles
creditworthy a person who can be trusted to fulfill a contractual promise to pay back a loan in a timely manner
garnishment automatic removal of funds from a paycheck for money owed
personal finance an individual's assets and management of them
income the money a person earns for providing a service or selling goods
risk the chance or possibility of loss
budget a plan that balances available resources and expenses
opportunity costs the principle that one opportunity much be given up in order to consume or produce another
equity the value of ownership in an asset in excess of debts owed on it
assets things owned that have economic value
liabilities debts owed
net worth statement a statement of the difference between assets and liabilities
balance sheet a summary of your assets, liabilities, and net worth during a specific time
income statement a statement of net income , or revenues minus expenses
employee benefits non-salary compensation granted to an employee
lifetime income the total income you receive over the course of your lifetime
post secondary education an education acquired beyond high school
vocational of or relating to a specific trade or occupation
revenue the total income received from an economic plan
income tax a tax paid on personal income
property tax a tax on the value of land, buildings, cars, and other kinds of personal assets
sales tax a tax collected on the purchase price of goods or services
withholding amounts removed from gross income to pay for taxes and other expenses
debit withdrawing or taking money out of an account
deposit adding money to an account
electronic funds transfer system of moving money from one account to another without any paper money exchanging hands
outstanding unpaid
overdrawn have more money than was available taken out of an account
principle the amount borrowed or the amount of a loan still unpaid
borrow to obtain money by promising to repay it
credit score the measure of how worthy a person is to receive loans
interest a charge or fee in exchange for borrowing money
premium the amount a holder of an insurance policy must pay the insurance company for the protection the policy offers
insurance a financial service in which a consumer makes regular payments in exchange for a guarantee that costs associated with damages will be covered
deductible the amount of money the consumer must pay for an insurance claim before the insurance policy pays the remainder
compensate to pay someone for the value of something lost or damaged
liability a responsibility to pay for or fix a proble
invest to spend money or time on an asset, with the hopes that it will increase in value over time
discretionary expenses that are optional
balanced budget a budget in which the amount spent is less than or equal to the amount taken in
Popular Finance sets



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