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EPF M3 Review

Economics & Personal Finance Module 3 Review

TermDefinition
Financial Plan Ongoing process that will support both your current needs and your future needs, such as retirement.
Wealth The amount of money you have left over after you list your assets and subtract your debt.
Cost of Living The amount of money needed to cover basics such as housing, food, taxes, and healthcare.
Budget The best estimate of revenue and expenditures to help guide financial choices in a future period of time.
Saving Setting aside for a purchase in the near future through savings accounts, money market accounts, or certificates of deposit. Slow growth and low risk.
Investing Speculating Owning a share of a business with the expectation that you will get a higher return. Examples include stocks, bonds, and real estate. Better returns than savings, but more risk.
Speculating Gambling money with the goal of getting a high return in a short period of time such as day-trading. Very high risk and potentially high reward or loss.
Investment Vehicle A way for an individual to invest their money with the hopes of growing it.
Stocks Shares in the ownership of a company.
Dividends Distribution of company profits to its shareholders.
Bonds Companies and governments will issue bonds as a way to raise money. Individuals are essentially lending companies or governments money in this format.
Maturity Date When the bond issuer is expected to repay the initial amount borrowed.
Coupon Rate The interest rate on a bond.
Mutual Funds A portfolio of stocks and bonds that is invested in by a group of people that is professionally managed.
401k An employer-sponsored retirement plan that provides for potential investment growth, tax advantages, and opportunities to build your wealth.
IRA Individual retirement account plan that provides for potential investment growth, tax advantages, and opportunities to build your wealth.
Altruism When we do something to help promote someone else’s well-being, even when it costs us something.
Philanthropy Doing something to promote someone else’s well-being with the goal of increasing the well-being of the world and/or mankind.
501c Organization An organization classified as either a private foundation or public charity for tax purposes.
Charities Organizations that help raise money for those in need.
Non-Profit Organization The organization’s goal is to not generate income, but to serve a cause.
Public Charity Charities that generally receive a greater portion of their financial support from the general public or government, and have greater interaction with the public. Examples include churches, schools, hospitals, and medical research organizations.
Private Foundation Service organizations typically controlled by members of a family or by a small group of individuals that receive much of their financial support from fewer sources.
Donation Something, such as goods or a sum of money, is given to charity.
Crowdfunding The idea of raising funds for a project or cause through a large group of people online.
Community Service Voluntary work intended to help people in a particular area.
Service Learning A form of service that helps the community, but it is tied to a curriculum at school.
Created by: dmcsorley13
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