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Money earned during a specific period; e.g., $10 per hour or $50,000 per year.
The next-best alternative that is given up when a choice is made.
Income earned from working.
Jobs within a similar category; e.g., artist and graphic designer, bookkeeper and accountant, chef and dietician.
Knowledge, skills, experience, and attitude that help a person do a job better.
The amount of output per unit of input; e.g., if 5 workers can produce 25 gizmos in one day, the productivity per day is 5 gizmos per worker.
Examining characteristics about yourself.
Determination and positive habits on the job. Positive habits include reliability, punctuality, friendliness, honest, and ability to work independently or in cooperation with others.
Automatic teller machine
A plastic card that is used to deduct funds automatically and immediately from a checking account.
Adding money to a bank account.
Money paid for the use of someone else's money.
Writing a check or using a debit card for an amount that is more than the amount on deposit in a bank account.
Personal Identification Number; a confidential code used to access private financial information or to make a transaction.
The fee charged by a financial institution for certain services it provides to customers.
Subtracting money from a bank account.
The yearly charge for having a credit card.
Annual Percentage Rate (APR)
The total cost of credit for one year, expressed as a percentage. The APR includes interest and other fees associated with the loan.
The maximum amount of credit extended to you by a bank or credit card issuer.
The total dollar amount you must pay for the credit you use. The charges may include interest and other fees such as a loan application fee.
A period of time during which you are not charge interest on new purchases (if you have no outstanding balance).
The price of using credit.
The price of using credit expressed as a percentage of the amount owed.
A penalty, in addition to interest, that is charged if payment is received after the due date.
The lowest amount you must pay toward your credit balance each month.
Property or other valuables used as a security to guarantee the repayment of a loan. The lender can claim collateral if the borrower fails to repay.
A firm that collects borrowers' credit histories.
A history of a borrower's use of credit. You should get a copy of your credit report once a year to ensure there are no mistakes.
A score used to evaluate a borrower's credit worthiness and likelihood to repay a loan. Credit scores are based primarily on a borrower's payment history and the amount owed. (Also, how long you've had each account, types of credit used, and new credit.)
A measurement of how much of your income is being spent on debt. Financial advisors suggest that you keep debt levels below 15% of your net income; debt levels of 20% of your net income are dangerously high. This limit does not include mortgage payments.