Basic Definitions
A careful plan for spending or saving for a certain period of time
What is A Budget?
A negative balance in a bank account caused by spending more money than was available.
What is an Overdraft?
The possibility of financial loss or physical harm
What is risk?
Income after all items like taxes have been deducted
What is Net Income?
A series of trainings and jobs in chosen field tied to personal and professional goals
What is a Career?
Money borrowed that must be repaid, usually with with interest
What is a Loan?
A card that allows users to make purchases through a limited personal loan, with the expectation that the money will be repaid at a later date, often with interest
What is a Credit Card?
What is Insurance?
Your wages before taxes and other deductions
What is gross income?
A grouping of jobs and industries related by skills or products.
What is a career cluster?
Required payment to the government
What are taxes?
A card that pays for a purchase directly from checking account
What is a Debit Card
Being willing to accept limits on and standards for your choices, as well as accepting consequences of those choices.
What is personal responsibility?
The amount earned from working or other sources
What is income?
Plans that can be accomplished within 3 months to a year
Healthy financial practices, including having a budget, paying yourself first, using credit wisely and spending within your means.
What is Financial Responsibility?
A method of transferring money to a company, person, or bank online or through a mobile device
What is a Payment App?
The amount paid for an insurance policy
What is a premium?
Automatically saving a specified amount from income for future use each time you receive income, before spending any money or paying any bill.
What is Pay Yourself First?
Plans that take a year or more to accomplish
What is long term goals?
The amount spent to make purchases and pay bills
Expenses
A mobile system that include a payment app and stores a user's financial data from multiple sources so it can be used for payment.
What is Digital Wallet?
These are the four ways to mitigate risk
What are Avoid, Accept, Reduce & Transfer?
Money that an employer takes from an employee's paycheck to pay taxes, health insurance and other deductions.
What is deductions>
Full or partially employer-paid insurance, retirement savings, and other payment that an employers offer an employee.
What are benefits?