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Careers vocab 7
| Term | Definition |
|---|---|
| 401(k) | retirement savings investment |
| 529 plan | an educational investment account |
| Budget | a spending and saving plan |
| Certified of deposit | short/long term interest bering investments offered by banking |
| Check | a written order |
| Checking account | a service provided by banks that allow you to withdraw and deposit money |
| Checkbook register | space to track your checking account deposits and withdraws |
| Compounding interest | interest that is calculated on the balance, additional deposits, and interest earned |
| Credit card debt | the amount you owe on credit cards that you can’t pay |
| Debit card | cards that allow for immediate deductions from checking account |
| FDIC | federal insurance designed to protect your money |
| Financial plan | a blueprint containing your personal goals |
| Fixed expense | expenses that are the same amount |
| Income | the amount of money you earn |
| Insurance | coverage you can purchase |
| Investment | putting money into something |
| IRA | overall term for a retirement plan |
| Needs | something that is necessary for you to love your life |
| Online banking | option for paying your bills online |
| Savings account | a bank account you do not have to prepay |
| Stocks | shares in companies |
| Tax shelter | investments designed to reduce the amount of your taxable income |
| Variable expensive | expenses that may be different amounts each month |
| Wants | something that is not necessary |