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chapter 7

TermDefinition
401(k)- retirement savings investment with deferred taxes until the money is withdrawn later.
529 plan- an educational investment account designed to help prepay tuition or save for education.
Budget- -a spending and saving plan.
Certificate of deposit- short or long-term interesting bearing investments offered by a banking institution.
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 and withdraws
Compounding interest- interest that is calculated on the balance, additional deposits and interest earned.
Credit card debt- the amount you owe on a credit card 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 - coverage you can purchase to provide reimbursement or replacement in case of loss.
Investment- putting money into something with an expectation of 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- option for paying 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.
Created by: user-1985423
 

 



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