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Personal Finance
Unit 1 Personal Finance vocabulary
| Term | Definition |
|---|---|
| Income | money that is earned from a job or skills . Also called a salary or wage |
| Budget | a plan for your income and expenses and saving |
| fixed expenses | expenses that stay the same each month like a house payment or car payment , |
| variable expense | a monthly expense that changes often such as the water, gas or electric bill or food |
| interest | money that is paid to you if you have a savings account. It can also be money paid to a credit card or loan |
| credit card | an easy way to borrow money for an item you want. Must pay back the borrowed money with interest |
| Debit card | a card that takes money out of your checking account right now |
| emergency fund | a fund set aside in case of unexpected expenses such as a car repair or medical bill |
| salary or wage | money that is earned from doing a job or performing a skill |
| asset | something that you own and is paid off. Like a paid off house or car. |
| loan | a sum of money given for a period of time that must be paid back with interest- borrowed money |
| borrow | when you use something with the intentions of paying it back. Borrow money from a bank you pay back |
| savings | money set aside for later use, large purchase such as for college, a house, vacation, retirement |
| checking account | a bank account used for daily purchases such as food or gas |
| mortgage | a house payment |
| debt | money that you owe |
| credit | a loan of money that is paid back usually with interest or a fee |
| simple interest | interest added to your beginning principle amount of money |
| Compound interest | interest added to your beginning principle amount of money plus the interest it has earned. |
| commissions | money earned as a percentage of a sale or service. You might earn commission from selling a certain number of the product. |
| minimum wage | the lowest wage permitted my law: in Georgia and US, $7.25 per hour |
| lender | an individual, bank, or company that loans money. You are expected to pay this back. |
| liquid | in financial terms- money which you can get your hand on easily and can be freely spent. |
Created by:
hbstone
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