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Money Vocabulary

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Term
Definition
Grant   money given to you that you do not have to repay  
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Student Loan   money given to you that you must repay; usually with interest  
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Post-Secondary Education   classes taken after high school graduation  
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Savings   your own money kept away for a later time  
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Scholarship   money awarded to you to pay for college  
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Tuition   the cost of attending college  
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Vocational Training   training you get on the job  
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Work-Study   a job on a college campus; tuition reimbursement  
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Balance   the amount of money in the checking account after calculating deposits and withdrawals  
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Check Register   a balance sheet to keep track of spending  
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Bank   financial institution dealing with money transactions  
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Bankruptcy   a legal action when a person cannot pay their bills  
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Borrower   a person taking money with intentions to pay it back  
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Charge   to buy something on a credit card that you need to pay back  
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Checking Account   a safe place in a bank that you can keep your money and withdrawal when needed  
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Credit Card   a card used to purchase or pay something now and pay back over time with interest  
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Credit History   a record of any financial transactions or payments made in your lifetime  
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Credit Report   information gathered from credit history; negative items stay up to 7 years  
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Credit Score   a number that represents a person's creditworthiness  
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Debit Card   a card used to purchase or pay for something out of your bank account  
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Debt   spending more than you have in your bank account  
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Deposit   putting money into the bank  
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Fee   money you have to pay for services; service charge  
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Interest   money paid at a regular rate for the use of money lent  
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Lender   a company that gives money expecting you to pay it back overtime with interest  
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Loan   the amount of money being given that will be payed back  
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Overdraft   when you spend more money than you have in the bank  
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Transaction   anytime money goes in or out of your account  
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Transfer   money moving from checking account to savings account  
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Withdrawal   money leaving your account; bills, fee, purchases  
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Annual Salary   how much money you earn in a years time  
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ATM   automatic teller machine; a place to receive money from their checking/savings account  
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Career   the job you choose to pursue for a long period of time  
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Checks   money in the form of a paper that you fill out and sign to withdrawal money from your account  
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Income   how much you earn for a paycheck  
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Lifetime Salary   the money you make in your lifetime  
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Salary   getting paid a set paycheck at the same time every month  
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Savings Account   a bank account that earns money over time (interest)  
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