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Strand 4
| Question | Answer |
|---|---|
| Budget | A plan to spend a certain amount of money in a given year |
| Envelope system | Putting money into envelopes, so you only can spend that certain amount of money in that category |
| Cost of living | The amount you need to live, with expenses |
| Down payment | Cash the buyer pays upfront on a transaction |
| Variable expense | Expenses that changes on the monthly |
| Fixed expense | Expenses that don't change monthly |
| Gross pay | Pay given before taxes |
| Net pay | Pay given after taxes |
| Pay yourself first | Put money into your savings account first |
| Salary | A fixed amount of $ payed to employees |
| Utilities | How much benefit investors obtain from portfolio performance |
| Wage | The amount an employer pays an employee |
| Reconciliation | Comparing transactional history for documentation |
| Mortgage | A deal that if you don't pay the wage, the lender can take compensation |
| 401k | A retirement plan that you and your employer finance |
| Amortization | A reduction of debt through repayments |
| Charge card | Like a credit card, but deals are decided on credit related things, and the owners must pay full monthly balance |
| Collateral | A valuable item a lender can take if someone fails to pay a loan |
| Consolidation | Combining financial items whether, good or bad, into one |
| Cosigner | someone obligated to pay back the loan, as you are obligated to pay |
| Credit limit | The amount of $ on your credit card that you can't surpass |
| Default | A company or individual failing to make payments on time |
| Subsidized loan | Loans for undergraduate students |
| Unsubsidized loan | Loans for under graduate, and graduate students |
| Down payment | Cash the buyer pays upfront on a transaction |
| Grace period | Period of time from the end of a billing cycle to the payment due date |
| Home equity | The difference between how much your house is, and how much the mortgage is |
| Interest rate | It is the percent that the buyer has to pay on top of the original costs |
| APR | The money you pay each year to be able to borrow money |
| Lease | A contract where one group agrees to rent an asset |
| Payday loan | Short term loan with high interest |
| Revolving credit | Open ended credit account, that can be used and paid down repeatedly |
| Schumer box | Required summary of credit card rates and fees visible in credit card agreements |
| Term | Provides borrowers with a lump sum of cash upfront in exchange for specific borrowing terms |
| Bankruptcy | Something for people/companies who can't pay bills to get a fresh start |
| Credit bureau | They collect, and store financial data on you |
| Credit score | A method to show how financially reliable you are |
| Debt snowball | paying off the smallest of all your loans quickly |
| FTC | Federal Trade Commission protects us from unlawful transactions, and misleading business practices |
| FICO score | A particular brand of credit score |
| Foreclosure | A process that begins when a borrower fails to make their mortgage payments |
| Identity theft | Someone having your personal information, and misusing it under your name |
| Phishing | Scams to get consumers to click on an email from a "well known source" |
| Spam | unsolicited commercial email |
| 2 factor authentication | An identity and access management security method that requires two forms of identification to access resources and data |
Created by:
Brady Jackson
Popular Finance sets