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Career Vocab 7
| Term | Definition |
|---|---|
| 401(k) | Retirement saving investment with deferred taxes until the money is withdrawn. |
| 529 Plan | An educational investment account designed to help you prepay tuition or save for education. |
| Budget | A spending and saving plan. |
| Certificate of Deposit | Short- or long term, interest-bearing investments offered by banking institutions. |
| Check | A written order to the bank to take money from your account to pay a person or business. |
| Checking Account | A service provided by banking institutions to allow you to deposit and withdraw money. |
| Checkbook Register | Space to track your checking account deposits and withdraw money. |
| Compounding Interest | Interests that are calculated on the balance, additional deposits, and interests earned. |
| Credit Card Dept | The amount you owe on credit cards that you cannot pay. |
| Debit Card | Cards that allow for immediate deductions from a checking account. |
| FDIC | Federal insurance designed to protect your money. |
| Financial Plan | A blueprint containing your personal goals, timeline for reaching your goals, and an understanding of how to save to reach your goals. |
| Fixed Expense | Expenses that are the same amount each month. |
| Income | The amount of money you earn. |
| Insurance | |
| Investment | Putting money into something with an expectation of a financial gain. |
| IRA | Overall term for a retirement plan with tax advantages. |
| Needs | Something that is necessary for you to live your life |
| Online Banking | Optional for paying your bills over the Internet. |
| Savings Account | A bank account on which you earn compounding interest. |
| Stocks | Shares in a company. |
| Tax Shelter | Investments designed to reduce the amount of your taxable income. |
| Variable Expenses | Expenses that may be different amounts each month. |
| Wants | Something you desire, demand, or would like to have. |