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ECON 6 - PersonalFin

Economics - Personal Finance

TermDefinition
Mortgage loan to purchase a house or real estate, bank owns property until loan is paid back
Principal the initial amount invested or borrowed
Income any money earned or received from working or gift
Debt money owed by a person or business
Credit the ability to buy goods or services now but pay later
Credit Score a grade given to individuals based on their credit behavior and history, such as paying back loans on time and amount of debt
Interest Rate payment percentage rate for use of money borrowed
Fixed Interest Rate payment percentage rate for use of money borrowed that does not change over the life of the loan
Variable Interest Rate payment percentage rate for use of money borrowed that fluctuates over time based on changes in interest rates
Compound Interest earning interest on money saved and interest on interest earned along the way
Term an agreed upon amount of time in which borrowers pay back loan
Equity the value of property minus the amount you owe on the property
Asset property owned by a person or company that has value
Liquidity asset that can be quickly converted to cash while keeping its market value
Annual Percentage Rate (APR) the yearly interest generated by the amount owed by borrower
Certificate of Deposit (CD) savings account that holds a fixed amount of money for a fixed period of time in exchange for gaining interest
Mutual Fund pools money from many investors and invests the money in stocks, bonds, and/or short-term debt
Bond investor lends money to company or government for set period of time in exchange for regular interest payments
Credit Union non-profit financial institution owned by the members and run by board of directors
Payday Loan Company short-term, high interest loans based on your income and ability to pay back quickly
Insurance means of guaranteeing financial protection against different risks
Deductibles amount of money insured person must pay before insurance policy starts paying for covered expenses
Premiums the amount you pay each month or year to keep your insurance policy active
Gross Income all the money earned before taxes and other deductions are subtracted
Net Income all the money earned after taxes and other deductions are subtracted and what you actually bring home
Withholdings the portion of an employee's wages that is sent directly to government tax authorities as payment of estimated taxes
Created by: ddenson80
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