Inflation
When the price of goods and services increases over time.
Inflation.
Amount of money that appears in your bank account each pay period, after deductions.
net pay
Type of financial institution that conducts business both digitally and in physical storefronts
traditional
Type of account that is used for day to day transactions.
Checking
A ?? job involves working less than the standard 40 hour work week.
part-time
If a savings account earns 5% interest and the current rate of inflation is 2%, how much is the account earning?
3%
Amount of time needed for a medium or mid-term goal.
5-10 years
Fees collected by financial institutions to pay for services given to consumers
Service
If money can be withdrawn or deposited at any time in a checking account, these funds are refered to as
liquid
A 401k plan where the employee must work for the company a certain amount of time to keep the money the company has contributed.
vested
An example of an investment
Stocks or bonds or real estate.
Type of goal that determines how much money is needed to set aside each week, month or year to accomplish the goal.
Time-based
A fee charged to a customer for money that has been borrowed
Interest
What is the correct percentages of the 50/30/20 percent rule?
50% needs, 30% wants, 20% financial goals
The amount in your paycheck after all deductions have been subtracted?
Net pay
When your income increases at a higher rate than the inflation rate
outpacing inflation.
Type of student loan that does not accumulate interest while you are a full-time student.
Subsidized.
Type of bank account used for emergencies and short term goals
savings
In envelope budgeting, when the envelope is empty?
Stop spending in that category.
The form that new employees are required to fill out so that the company knows the amount to withhold from their pay.
W4
Explain the relationship between inflation and purchasing power.
As inflation increases, purchasing power decreases.
One of the best ways to manage money is to create
a monthly budget
Bank account that may require a minimum balance but pays a higher interest rate
money market account
Definition of zero-based budgeting.
the goal is to allocate money so that income and expenses cancel each other out, leaving a balance of zero.
When an employer issues company stocks, bonds or cash as a benefit for employees.
Profit Sharing.