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chapter 7 careers
chapter 7 careers vocabulary
| Term | Definition |
|---|---|
| 401k | retirement savings investment with deferred taxes until the money is withdrawn later |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 instuitions |
| 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 instit_tions to allow you to deposit and withdraw money. |
| Checkbook register | space to track your checking account deposits and withdraw money |
| Compounding interest | interest that is calculated on the balance additional deposits and interest earned |
| Credit card dept | the amount you owe on credit cards that you cannot play |
| Depit 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 time line for reaching them 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 somethinwith 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 your bills over the intrnet |
| Savings account | a bank account on wich 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 |