click below
click below
Normal Size Small Size show me how
Career Vocab 7
| Question | Answer |
|---|---|
| 401K | retirement savings investment with deferred taxes until the money is withdrawn later |
| 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 institution to allow you to deposit and withdraw 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 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 blue print containing your personal goals, timeline for reaching your goals, and an understanding of how to save to reach your goals |
| Fixed Expenses | expense 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 a financial gain |
| IRA | overall term for retirement plan with tax advantages |
| Needs | something that is necessary for you to live your life |
| Online Banking | option for paying your bills over the internet |
| Savings Account | a banking 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 every month |
| Wants | something you desire, demand, or would like to have |