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FL Strand 4
| Term | Definition |
|---|---|
| Budget | A way to sort out and control your finances. |
| Envelope System | A way to sort out and control your finances by putting amounts of money into envelopes labeled for certain categories. |
| Cost of Living | What the costs are for basic needs. |
| Down Payment | What you pay before a loan is taken out. |
| Variable Expense | Expense that changes month to month. |
| Fixed Expense | Expense that stays as is once decided. |
| Gross Pay | Your pay before anything is taken out. |
| Net Pay | Your pay after everything is taken out. |
| Pay Yourself First | Pay yourself before others to develop discipline. |
| Salary | What you're actually paid per year. |
| Utilities | Something beneficial and usable or something you can use. |
| Wage | What you make in a certain period. |
| Reconciliation | Comparing two sets of records to make sure everything is right or what's wrong. |
| Mortgage | The taxes, insurance and everything on a house payment. |
| 401K | Employer sponsored retirement savings. |
| Amortization | A way to pay debt in equal deposits or installments. |
| Charge Card | Card that charges no interest that you pay by month, electronic. |
| Collateral | Something you give to a lender to guarantee payment. |
| Consolidation | A way of making something stronger or more secure or combining something into a better whole. |
| Cosigner | Someone who signs as the back up on a loan in case the owner can't pay or be responsible for it. |
| Credit Limit | Maximum amount of credit you can recieve from a bank or credit union. |
| Default | The preselected or usual ready option. |
| Subsidized Loan | Loans typically for undergrad students or people of financial need. |
| Unsubsidized Loan | Loans for grad and undergrad students not of financial need base. |
| Down Payment | What you pay before a loan is taken out. |
| Grace Period | Period of end of billing cycle to the date the payment is due. |
| Home Equity | Value of a homeowners financial interest on a home. |
| Interest Rate | What's charged for borrowing money or what's given for saving money. |
| APR | Annual Percent Rate, yearly cost of funds over the term. |
| Lease | A contract for payment for at a certain time or period. |
| Payday Loan | Small amount of money owed with high interest that is paid when you recieve your paycheck. |
| Revolving Credit | Amount of credit that remains available for a time even when it's paid full balance. |
| Schumer Box | Legally required cheat sheet for breaking down credit cards to two aspects. |
| Term | A time period to pay something back before. |
| Bankcruptcy | Allows people to get a restart on payments and loans by restarting their assets. |
| Credit Bureau | Company that collects info around credit cards. |
| Credit Score | Number rating based on someones ability to pay back loans and credit. |
| Debt Snowball | Paying off debts from smallest to largest. |
| FTC | Federal Trade Commission, protects consumers from any type of theft or fraud in business. |
| FICO Score | Predict and manage risks of a credit user. |
| Foreclosure | Taking away someones house or property because they haven't been making payments. |
| Identity Theft | The act of impersonating someone that is not yourself. |
| Phishing | A form of fraud in sending emails impersonating someone to try to get credit or banking numbers. |
| Spam | Junk or something that is not of use. |
| 2-Factor Authentication | A way to identify yourself in two steps. Higher security. |
Created by:
kentaura
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