Financial
a written record of income and expenses during a specific time frame, typically a year.
AND
an obligation to repay an amount you owe
Budget and Debt
a number, calculated based on information in your credit report, that lenders use to assess the credit risk you pose and the interest rate they will offer you if they agree to lend you money.
Credit Score
when people get paid a certain amount of money for each hour they work.
AND
when you earn a certain amount of money. no matter the hours work.
Wage and Salary
Mandatory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization.
Taxes
a Personal identification number. You pick your own PIN number, and it’s used to authenticate your identity for electronic transactions. It’s an extra layer of security.
PIN
A legal process for individuals or businesses that are unable to repay outstanding debts.
AND
The amount of income left after taxes and deductions have been taken out.
Bankruptcy and Net Income
The large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated.
Economy
A detailed report of an individual's credit history prepared by a credit bureau.
AND
A bank account that allows easy access to your funds for daily transactions
Credit Report and Checking Account
The difference between your total assets and total liabilities
Net Worth
Anything of value or a resource of value that can be converted into cash.
AND
The cost of attending classes at a college, university, or school.
Asset and Tuition
Federal student loans for which the government pays the interest while the student is in college or while the loan is in deferment.
AND
Federal student loans that accrue interest as soon as the loan is taken out, regardless of whether the student is in school.
Subsidized Loans and Unsubsidized Loans
A form completed by current and prospective college students in the U.S. to determine their eligibility for student financial aid.
FAFSA
an academic award conferred by a university or college on successful completion of a course.
Degree
The cost of housing and food while attending college or university.
AND
Money saved for the period in life after one stops working.
Room and Board AND Retirement Savings
A crime where someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain.
Identity Theft
a fixed charge for borrowing money; usually a percentage of the amount borrowed.
AND
The use of money with the aim of making future profit.
Interest and Investment
A type of loan specifically used to purchase real estate.
AND
Property consisting of land and the buildings on it
Mortgage and Real Estate
A form used by employers to determine the amount of taxes to withhold from an
employee's paycheck.
W-4 Form
a card for deferring payment; is issued by a bank or business allowing a person to purchase goods and services and pay for them later (with interest).
Credit Card
Money borrowed that is expected to be paid back with interest.
AND
Savings are reserved for unexpected expenses.
Loan and Emergency Fund
The total income earned before any deductions or taxes.
AND
A bank account that earns interest over time.
Gross Income and Savings Account
A card that deducts money directly from a consumer's checking account to pay
for a purchase.
Debit Card
Financial aid provided by the government, schools, or private organizations that doesn’t need to be repaid. Often based on financial need.
Grants
A tax-advantaged savings plan designed to encourage saving for future education
costs.
529 Plan
A retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out.
401K Plan