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Savings and Interest

TermDefinition
Interest The fee someone pays to be able to borrow money
Principal The sum of money you put into an account or the amount of money you owe on a debt.
Compound Interest Interest that's generated not only from the money you put into an account, but also from the interest you make on that money.
Rule of 72 A method for estimating how long it will take compound interest to cause a principal to double by dividing the interest rate by 72.
Budget An itemized summary of probable expenditures and income for a given period.
Deficit The amount by which expenditures exceed income.
Fixed expense An unchanging expenditure.
Flexible Expense An expenditure that varies.
Income Money received.
Surplus The amount of money remaining after all expenses have been met.
commercial bank A for-profit financial institution that accepts public deposits, issues loans, and provides basic financial services to individuals, small-to-medium businesses, and corporations
Dividend A portion of a company's profits that is paid out to its shareholders
Credit Union A not-for-profit, member-owned financial cooperative that provides traditional banking services like savings accounts, checking accounts, and loans
Face Value The principal amount the issuer promises to pay the holder when the bond reaches maturity.
Saving Saving means setting aside unspent income or reducing expenses to keep money, time, or resources for future use.
Certificate of Deposit A special kind of savings account where you leave a lump sum of money untouched for a set period of time in exchange for a guaranteed, fixed interest rate.
Created by: swheeler9
 

 



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