Term | Definition |
Assets | What a person owns of value,such as jewelry,saving,art,a home,and a car |
Bank | a place where people put their money for safekeeping, and for ease of use |
Brokerage firm | helps people invest their money |
Budget | a spending plan people make in order to make sure there is enough income to cover all
exenses |
Career | something you build by going to shool and working jobs related to the career you want |
Certificate of deposit | a savings certificate that gains interest has a set time before you can withdraw your money |
Charity | giving resources of volunteering time to help those in need |
Comparison shopping | finding out whether or not what you are about to buy can be found for a better price or in better shape at a dirrerent store |
Controlling risks | stuff you do to make risks less dangerous or not dangerous at all |
Credit | a loan that a person uses to pay for things,but is expected to pay back |
Credit union | just like a bank,only its members own it |
Decision making | considering different information to make a choice |
Entrepreneur | a person who starts his own business |
Expense | the cost of the things that people spend money on |
Financial adcisor | a person who is an expert at handling money and can give you information and adcice about saving and investing |
Financial institution | a place,like a bank,that helps its members manage their money |
Financial literacy | the knowledge and skills to manage money |
Health insurance | helps people pay for medicine and doctors when they are sick ot hurt |
Impulse buying | buying stuff without thinking about wheather or not you need it |
Income | money earned from working and other means |
Income tax | annual tax placed on the money employees make at jobs and collected by the federal government,most states,and some local governments |
inflation | the price of goods and services rises over time |
Interest | the extra fee charged for borrowing money,or the cost of borrowing money |
Investing | when you purchase a security like a stock or bond,in the hopes that over time it will make money |
Job | work you do for money |
Long-term goal | a goal that can be achieved in a longer amount of time. It can be months,years,or even an entire lifetime |
Need | something you truly can not live without |
Opportunity cost | the cost we pay when we give up something to get something else |
Payment method | what you use to pay for something,like cash or a check |
Peer pressure | doing stuff just because your friends are doing it,or because your friends told you to,because you want your friends to like you and think you are cool |
Privacy | keeping important information to yourself or between yourself and close family members |
Reliability | being trustworthy; being responsible |
Risk | an activity or action that might be dangerous |
Risk prevention | stuff you do to stop consequences of risks from happening |
Salary | payment for work,represented as a yearly sum and sum and paid in portions every week,two weeks,or month including sick time and vacation time |
Sales tax | a fee added to the sticker price of an item that is paid to the state or city |
Savings | money set aside for short-or long-term goals |
Savings account | an account that gains interest and allows withdrawals |
Short-term goal | a goal that can be achieved in a short amount of time. It can be a few days,weeks,or months |
Spend | to use money to buy stuff |
Taxes | fees placed on income,purchases,or property to support government programs |
Wage | payment for work,usually calculated on an hourly,daily, or piecework basis and paid on schedule-usually every week,two weeks,or month |
Want | something you would like to have but will be okay without |