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Personal Finance
Term 1
| Term | Definition |
|---|---|
| Emotional Well-Being | How you feel; managing your emotions, stress levels, and self esteem. |
| Financial Goals | Specific objectives that are accomplished through financial planning. |
| Financial Planning | Managing money continuously through life to reach financial goals. |
| Financial Well-Being | Managing money in ways that build a sense of understanding, competence, and control; managing finances, debt levels, and financial security. |
| Intellectual Well-Being | Gaining and using knowledge; learning, curiosity, and mental stimulation. |
| Physical Well-Being | Taking care of your body; physical fitness, nutrition, and overall bodily health. |
| Social Well-Being | Having a sense of belonging; having a network of friends and family. |
| Well-Being | Feeling good about one's life. |
| Needs | Goods or services that are required for survival. |
| Opportunity Cost | The value of the next best alternative that must be forgone as a result of a decision. |
| Trade-Off | Giving up one thing for another. |
| Value | A fundamental belief or practice about what is desirable, worthwhile, and important to an individual. |
| Want | The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival. |
| Goal | Something a person intends to acquire, achieve, or accomplish in the future. |
| Long-Term Goals | A goal that will be attained in more than one year. |
| Short-Term Goals | A goal that will be attained in less than one year. |
| Automated Teller Machine (ATM) | A machine that allows depository institution customers to complete certain transactions from the machine without the need for human assistance. |
| Checking Account | An account that allows quick access to funds for transactions. |
| Commercial Bank | For-profit depository businesses that offer financial services to both consumers and other businesses. |
| Contactless Payment | Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk. |
| Credit Union | Depository institutions that offer many banking services and are owned by their customers. |
| Debit Card | A plastic card that is electronically connected to the cardholder's depository institution account. |
| Depository Institution | Businesses that provide financial services. |
| Interest | The price paid for using someone else's money. |
| interest Rate | The percentage rate used to calculate interest. |
| Mobile Banking | Apps developed by many depository institutions which allow online banking access from devices such as cell phones, tablets, and other mobile devices. |
| Online Banking | Allows customers to complete certain transactions through secured websites by using a username and a password from any place in the world with internet access. |
| Savings Account | An account at a depository institution that is designed to hold money not intended to be used for daily expenses. |
| Savings Tool | Accounts offered by depository institutions whose main purpose is to help people manage their money. |
| Adjusted Gross Income (AGI) | An individuals gross income minus specific deductions. |
| Anticipated Income | Money the government expects to receive from income taxes paid by citizens during a year. |
| Cash Apps | Digital apps that allow you to send and receive money from individuals. |
| Civic Duty | An action required by law for a citizen to perform. |
| Dependent | A person who relies on someone else for financial support. |
| Digital Asset | Things of value you own online or in digital form. |
| Earned Income Credit | Refundable tax credit for low- to moderate- income working individuals and couple, particularly those with children. |
| Gig Worker | Someone who works and is paid each time a specific job is performed, such as working as a server for a banquet, Trimming trees for individual homeowners, braiding or styling hair for individuals at their homes. |
| Income Tax | A tax on earned and unearned income. |
| Independent Contractor | An individual that provides goods or services but does not have income tax withheld from their payemnt. |
| Infrastructure | The fundamental facilities and systems serving a country, city or area, such as transportation and communication systems, power plants, and schools. |
| Outlays | The spending or disbursement of money |
| Progressive Taxation | The form of taxation adopted by the US that taxes its citizens based on their income, taxing the wealthy at a higher rate -- the higher your income, the higher your tax liability. |
| Reconciling | To bring into agreement; in this lesson specifically comparing the amount of income tax you actually paid with what you should have paid and determining if you paid too much or too little. |
| Tax Revenue | Government income due to Taxation; income available to the government to spend on the citizens and programs |
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