Economics - Personal Finance
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| Mortgage | loan to purchase a house or real estate, bank owns property until loan is paid back
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| Principal | the initial amount invested or borrowed
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| Income | any money earned or received from working or gift
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| Debt | money owed by a person or business
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| Credit | the ability to buy goods or services now but pay later
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| Credit Score | a grade given to individuals based on their credit behavior and history, such as paying back loans on time and amount of debt
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| Interest Rate | payment percentage rate for use of money borrowed
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| Fixed Interest Rate | payment percentage rate for use of money borrowed that does not change over the life of the loan
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| Variable Interest Rate | payment percentage rate for use of money borrowed that fluctuates over time based on changes in interest rates
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| Compound Interest | earning interest on money saved and interest on interest earned along the way
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| Term | an agreed upon amount of time in which borrowers pay back loan
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| Equity | the value of property minus the amount you owe on the property
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| Asset | property owned by a person or company that has value
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| Liquidity | asset that can be quickly converted to cash while keeping its market value
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| Annual Percentage Rate (APR) | the yearly interest generated by the amount owed by borrower
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| Certificate of Deposit (CD) | savings account that holds a fixed amount of money for a fixed period of time in exchange for gaining interest
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| Mutual Fund | pools money from many investors and invests the money in stocks, bonds, and/or short-term debt
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| Bond | investor lends money to company or government for set period of time in exchange for regular interest payments
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| Credit Union | non-profit financial institution owned by the members and run by board of directors
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| Payday Loan Company | short-term, high interest loans based on your income and ability to pay back quickly
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| Insurance | means of guaranteeing financial protection against different risks
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| Deductibles | amount of money insured person must pay before insurance policy starts paying for covered expenses
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| Premiums | the amount you pay each month or year to keep your insurance policy active
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| Gross Income | all the money earned before taxes and other deductions are subtracted
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| Net Income | all the money earned after taxes and other deductions are subtracted and what you actually bring home
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| Withholdings | the portion of an employee's wages that is sent directly to government tax authorities as payment of estimated taxes
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