L(earn)
Money owed to a person, bank, or company is called
What is debt?
The ability to borrow money or obtain goods and services now, with the understanding that you will pay for them later.
What is credit?
A sum of money borrowed, typically from a bank or financial institution, with the agreement to repay the principal amount plus interest.
What is a loan?
Money received, especially on a regular basis, for work or through investments
What is income?
The total value of assets owned by an individual, household, or nation minus any outstanding debts, offering a measure of economic security and potential
What is wealth?
Detailed plan that outlines your expected income and expenses over a specific period of time. It helps you track where your money is coming from and going to
What is a budget?
Often thought of as an electronic check, this payment card allows you to access funds directly from your checking or savings account
What is a debit card?
The process of creating, developing, and managing a new business venture, typically with the goal of generating profit
What is entrepreneurship?
A general increase in prices of goods and services
What is inflation?
A payment card acting as a short-term loan that allows you to borrow money from financial institutions to make purchases, with the promise to pay it back later
What is a credit card?
Bank account designed for day-to-day transactions, allowing easy access to funds through debit cards, checks, and ATMs
What is a checking account?
A large holding center for money
What is a bank?
Money electronically sent to your bank account, credit union account, or prepaid card
What is a direct deposit?
An account designed for storing money you don't need to spend immediately, often for future goals or emergencies
What is a savings account?
Money that goes from your paycheck or any other earnings to the government
What is income tax?
This describes the difference between what you owe and what you own
What is net worth?
A document filed that reports income, expenses, and other relevant financial information
What is a tax return?
Money set aside for unplanned or unexpected expenses
What is an emergency fund?
An item that carries economic value to a person or corporation
What is an asset?
A numerical representation that measures how responsible you are financially
What is a credit score?
The cost of borrowing money, typically expressed as a percentage of the principal amount
What is interest?
The movement of money both into and out of a business, over a specific period of time
What is cash flow?
A measure of your debt obligations relative to gross monthly income
What is debt-to-income ratio?
What is inflation?
The use of money, typically with the goal of generating income or increasing in value over time
What is an investment?