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Vocab 8
| Term | Definition |
|---|---|
| 401k | retirement savings |
| 529 | plan investment |
| Budget | A spending and saving |
| Certificate of deposit | short or long term goal interest bearing investments offered |
| Check | a written order to the bank to take money from your account |
| Checking account | is a service provided by banking institutions to allow you to deposit and withdraw money. |
| Checkbook | register space to track your checking account deposits and withdrawals. |
| Compounding interest | interest that is calculated on the balance additional deposits and interests earned |
| Credit card | debt is the amount you owe on credit cards that you cannot pay. |
| Debit card | cards that allow for immediate deductions from checking accounts. |
| Fdic | federal insurance designed to protect your money |
| Financial plan | A blue print containing your personal goals timeline for reaching your goals and understanding of how to save to reach goals |
| Fixed expense | expenses that are the same amount each month. |
| Income | the amount of money you earn |
| Insurance coverage | you can purchase to provide reimbursement on replacement in case of loss. |
| Investment | Putting money into something with an expectation of a financial |
| Ira | overall term for a retirement plan with tax advantages |
| Needs | something that is necessary for you to live your life |
| Online banking | option for paying your bills over internet |
| Savings account | a bank account on which you earn compounding interest. |
| Tax shelter | investments designed to reduce the amount of your taxable income. |
| Variable expenses | A type of interview that is often conducted online via internet |
| Wants | something you desire, demand or would like to have. |