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Financial Literacy
| Term | Definition |
|---|---|
| the part of the home you own | equity |
| money paid upfront when buying a house | down payment |
| a loan used to but a house | mortgage |
| monthly payment to live in a place you do not own | rent |
| costs for repairs and upkeep of a property | maintenance |
| protection from unsafe products | right to safety |
| access to truthful information about products | right to be informed |
| access to a variety of products at fair prices | right to choose |
| ability to voice complaints and concerns | right to be heard |
| a number showing how likely you are to repay loans | credit score |
| a record of your borrowing history and payments | credit report |
| record of on-time and late payments | payment history |
| percent of available credit you are using | credit utilization |
| credit check when applying for new credit | hard injury |
| a plan for how you spend and save your money | budget |
| costs that don't change monthly | fixed expenses |
| costs that change | variable expenses |
| savings for unexpected costs | emergency fund |
| money left after taxes and fixed expenses | discretionary income |
| the original amount barrowed | principal |
| the cost of borrowing money | interest |
| interest on the original loan amount only | simple interest |
| interest on both principal and past interest | compound interest |
| true yearly barrowing cost | APR (Annual Percentage Rate) |
| the amount you pay each month to keep insurance coverage | premium |
| the amount you must pay before insurance starts covering costs | deductible |
| a small, fixed amount for services like doctor visits | co-pay |
| the percentage you pay after meeting your deductible | co-insurance |
| the most you'll pay in a year before insurance covers 100% | out-of-pocket maximum |
| covers damage or injury you cause to others | liability insurance |
| covers your car if you crash into something | collision coverage |
| covers your car from theft, fire, or natural disasters | comprehensive coverage |
| the published cost of college before aid | sticker price |
| the real cost after scholarships and grants | net price |
| money for college you don't repay | grant |
| money for college you earn | scholarship |
| money borrowed for school that must be paid back with interest | student loan |
| a savings plan with tax benefits for education | 529 plan |
| total pay before any deductions | gross pay |
| the money you actually take home after deductions | net pay |
| federal taxes for social security and Medicare | FICA |
| totals of earnings and deductions so far this year | YTD (year to date) |
| money taken from your paycheck for taxes and benefits | withholding |
| a retirement plan through your job with tax benefits | 401(K) |
| individual retirement account with tax advantages | IRA |
| you pay taxes now but withdrawals later are tax free | Roth IRA |
| a collection of many investments managed together | mutual fund |
| spreading out money across different investments to reduce risk | diversification |
| for daily spending and paying bills | checking account |
| for saving money safely, earns some interest | savings account |
| how much you earn in a year with interest | APY (annual percentage yield) |
| savings account the locks money for a set amount of time with higher interest | CD (certificate of Deposit) |
| savings account with higher interest and limited check writing | money market account |
| sending money directly between people using apps | P2P (peer to peer) payment |
| the unique name used to identify an account in a payment app | handle/username |
| using fingerprint or face ID to unlock an app or approve a payment | biometric authentication |
| trick used to steal money or personal information | fraud/scam |
| transaction that is reversed- often limited to P2P apps compared to credit cards | reversal/chargeback |
| controls that limit who can see you transactions or profile information | privacy settings |
| gross income | |
| adjusted gross income | |
| taxable income |
Created by:
gabbyocmondSMHS