1
A written, dated and signed order to the bank that tells it to pay a sum of money to the payee
Check
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for taxes?
W4
A card that allows the holder to make purchases without cash by borrowing money. If not paid in full when due interest will be charged on remaining balance.
Credit Card
Credit card that requires the borrower to pay the company a fixed, up-front amount of money as collateral, which becomes the credit limit of the card, thereby making it low-risk to the merchant
Secured Credit Card
A plan of your expected income and how you will use it to meet your expected expenses over a period of time
Budget
Which represents the BEST time to start saving for your retirement?
1st Full Time Job
A form that an employer must send to employees at the end of the year to report the employee's annual wages and taxes withheld.
W2
The rate charged for borrowing money usually expressed as a percent of the amount borrowed
Interest Rate
The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender
Minimum Payment Due
Expenses that are essential for you to be able to live and function
Needs
You have $5,000 in TD bank, a simple savings Account earning .02% interest how much interest did you earn in one full year?
One Dollar $1
A document (portal) summarizes an employee's pay for a specific pay period
Paystub
The amount of time you have to repay your entire loan
Term
A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report
Credit Score
Expenses that help you live more comfortably
Wants
A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time (3 months, 6 months, 9 months, 1 year etc)
Certificate of Deposit (CD)
Total earnings before any deductions are taken out of your paycheck
Gross Pay
Original amount of money lent or invested, separate from interest or earnings
Principal/Loan Amount
Student #1 has 750 Credit Score, Student #2 has 620 Credit Score. Both finance identical $60,000 trucks. Both borrow 7 year car loan. Who will pay back more than twice the $60,000 with a much HIGHER interest rate
Student #2
A cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment)
Fixed Expenses
An automatic electronic deposit of net pay
Direct Deposit
Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay
Net Pay
An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest
Loan
A table that appears in credit card agreements showing basic information about the card's rates and fees
Schumer Box
A popular rule of thumb which 50% of your income goes towards necessities, 20% goes towards saving, and 30% goes towards flexible spending
50-20-30 Rule
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for taxes?
W4
A cost that appears irregularly or that changes in amount (e.g., utility bills)
Variable Expenses
Money you put into your account
Deposit
Money you take out of your account
Withdrawal
A machine which alllows a person to manage funds through actions such as withdrawing or depositing money, etc
ATM
An application that runs on your mobile device. Securely stores payment information and allows you to pay for items
Digital Wallet
Banking technology that allows you to schedule and make payments over the internet
Online Bill Pay
The person to whom the check is made payable to
Payee
Money set aside for unanticipated expenses or loss of income
Emergency Fund
A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check
Debit Card