Personal Financial Literacy Unit vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Income | Money earned during a specific period; e.g., $10 per hour or $50,000 per year.
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| Opportunity Cost | The next-best alternative that is given up when a choice is made.
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| Wages | Income earned from working.
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| Career Cluster | Jobs within a similar category; e.g., artist and graphic designer, bookkeeper and accountant, chef and dietician.
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| Human Capital | Knowledge, skills, experience, and attitude that help a person do a job better.
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| Productivity | 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.
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| Self-assessment | Examining characteristics about yourself.
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| Work Ethic | Determination and positive habits on the job. Positive habits include reliability, punctuality, friendliness, honest, and ability to work independently or in cooperation with others.
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| ATM | Automatic teller machine
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| Debit Card | A plastic card that is used to deduct funds automatically and immediately from a checking account.
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| Deposit | Adding money to a bank account.
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| Interest | Money paid for the use of someone else's money.
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| Overdraft | Writing a check or using a debit card for an amount that is more than the amount on deposit in a bank account.
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| PIN | Personal Identification Number; a confidential code used to access private financial information or to make a transaction.
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| Service Charge | The fee charged by a financial institution for certain services it provides to customers.
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| Withdrawal | Subtracting money from a bank account.
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| Annual Fee | The yearly charge for having a credit card.
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| 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.
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| Credit Limit | The maximum amount of credit extended to you by a bank or credit card issuer.
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| Finance Charge | 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.
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| Grace Period | A period of time during which you are not charge interest on new purchases (if you have no outstanding balance).
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| Interest | The price of using credit.
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| Interest Rate | The price of using credit expressed as a percentage of the amount owed.
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| Late Fee | A penalty, in addition to interest, that is charged if payment is received after the due date.
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| Minimum Payment | The lowest amount you must pay toward your credit balance each month.
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| Collateral | 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.
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| Credit Bureau | A firm that collects borrowers' credit histories.
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| Credit Report | 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.
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| Credit Score | 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.)
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| Debt-to-Income Ratio | 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.
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