investment
anything that an individual or business owns that ha monetary value
what is asset
all the money you earn before taxes and other deductions are subtracted
what is gross income
the ability to borrow money or obtain goods and services before payment with the promise that you'll repay it in the future, often with interest
what is credit
something necessary for survival or basic functiong
what is need
a specialized computer that allows you to complete bank transactions without the need to see a bank representative
what is ATM
a retirement savings plan that offers significant tax benefits while helping you plan for the future
what is 401k
a wage set by a contract or by law as the lowest that may be paid to employees
what is minimum wage
generally operates as a substitute for cash or a check, allowing one to buy now and pay back later with interest
what is credit card
an asset or item acquired with the goal of generating income or appreciation
what is investment
a payment card that deducts money directly from a consumer's checking account when it is used
what is debit card
an increase in value of an asset over time
what is appreciation
compensation paid to employees in exchange for their time and labor
what is wages
a prediction of your credit behavior, such as how likely you are to pay back a loan on time, based on information from your credit reports
what is credit score
an expense in your budget that you can expect to stay the same, or close to it, over time
what is fixed expense
a separate savings account used to cover or offset the expense of an unforeseen situation
what is emergency fund
the reduction in value of an asset over time
what is depreciation
the money that a person or entity receives in exchange for their labor or products the amount of money property and other items of value received over a set period of time in exchange for services or products
what is income
a financial liability or obligation owed by one person, the debtor, to another, the creditor
what is debt
things that are nice to have but not absolutely necessary
what is wants
a form filled out by current and future undergraduate and graduate college students in the United States to determine whether they are eligible for student financial aid
what is FAFSA
the monetary charge for borrowing or depositing money and is usually expressed as a percentage of the amount borrowed or deposited; a charge that borrowers pay lenders for a loan
what is interest
placing money into the care of a bank or other financial institution
what is deposit
the maximum amount of money a lender will allow you to spend on a credit card or a line of credit
expenses that change in amount from month to month
what is variable expense
money given in the form of grants, works study, loans, and scholarships to help pay for post-secondary tuition and fees, as well as related expenses such as room and board, books, supplies, and transportation
what is financial aid