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financial literacy
| Term | Definition |
|---|---|
| equity | the part of the home you own (home value minus loan balance) |
| down payment | money paid upfront when buying a house |
| mortgage | a loan used to buy a house |
| rent | monthly payment to live in a place you do not own |
| maintenance | costs for repairs and upkeep of a property |
| right to safety | protection from unsafe products |
| right to be informed | access to truthful information about products and services |
| right to choose | access to a variety of products at fair prices |
| right to be heard | ability to voice complaints and concerns |
| credit score | a number showing how likely you are to repay loans (300-850 scale) |
| credit report | a record of your borrowing history and payments |
| payment history | record of on-time and late payments |
| credit unilization | percent of available credit you are using |
| hard inquiry | credit check when applying for new credit |
| payment history | 35% |
| credit utilization | 30% |
| length of history | 15% |
| credit mix | 10% |
| new credit | 10% |
| budget | a plan for how you spend and save you money |
| fixed expenses | costs that don't change monthly (rent, car loan) |
| variable expenses | costs that change (food, gas, entertainment) |
| emergency fund | savings for unexpected costs (3-6 months of expenses) |
| discretionary income | money left after taxes and fixed expenses |
| principal | the original amount borrowed |
| interest | the cost of borrowing money |
| simple interest | interest on the original loan amount only |
| compound interest | interest on both principal and past interest |
| APR - Annual Percentage Rate | true yearly borrowing cost |
| checking account | for daily spending and paying bills |
| savings accounnt | for saving money safely, earns some interest |
| APY - annual percentage yield | how much you earn in a year with interest |
| CD - certificate of deposit | savings account that locks money for a set time with higher interest |
| money market account | savings account with higher interest and limited check writing |
| P2P - peer-to-peer | sending money directly between people using apps |
| handle/username | the unique name used to identify an account in a payment app |
| biometric authentication | using a fingerprint or face ID to unlock an app or approve a payment |
| fraud/scam | trick used to steal money or personal information |
| reversal/chargeback | a transaction that is reversed - often limited for P2P apps compared to credit cards |
| privacy settings | controls that limit who can see your transactions or profile information |
Created by:
orfnqofdnue
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