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PF Chap. 1 Voc

TermDefinition
Personal Finance all the financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time
Consumer a person or organization that uses a product or service
Debt money owed to another person or company
Paycheck to Paycheck an expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings
Credit the granting of a loan and the creation of debt; any form of deferred payment
Interest Rate the percentage of principal charged by the lender for use of its money
Loan Shark person or entity that changes borrowers interest rates above an established legal rate
Interest the additional cost a lender charges for borrowing their money
Financial Plan a plan of action that allows a person to meet not only their immediate needs but also their long-term goals
Net Worth the amount by which the value of a person's assets exceeds or falls behind the value of their liabilities
Asset anything that is owned by an individual including money in the bank or inestments
Liability financial debts or obligations
Positive Net Worth the dollar value of a person's assets is greater than the dollar value of their liabilities
Negative Nete Worth the dollar value of a pereson's liabilities is larger than the value of their assets
Net Income what a person earns afer payroll taxes and other deductions are taken out; often referred to as take home pay
Expense the cost of goods or services; money paie dout
Financial Literacy the knowledge and skill base necessary for people to be informed consumers and manage their fiances effectively
Created by: annetteogden
 

 



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