Retirement
A retirement savings plan that offers significant tax benefits while helping you plan for the future
What is a 401K?
A specialized computer that allows you to complete bank transactions without the need to see a bank representative
What is an ATM?
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 a credit score?
An agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest
What is mortgage?
All the money you earn before taxes and other deductions are subtracted
What is gross income?
An asset or item acquired with the goal of generating income or appreciation
What is an investment?
A payment card that deducts money directly from a consumer's checking account when it is used
What is a debit card?
What is income?
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?
A wage set by contract or by law as the lowest that may be paid to employees
What is minimum wage?
A security that represents the ownership of a fraction of the issuing corporation
What is stock?
Removing funds from a bank account, savings plan, pension, or trust
What is a withdrawal?
Mandatory contributions levied on individuals or corporations by a government entity
What are taxes?
The action or process of reducing or paying off a debt with regular payments
What is amortization?
Expenses that change in amount from month to month
What are variable expenses?
An increase in value over time
What is appreciation?
A separate savings account used to cover or offset the expense of an unforeseen situation
What is an emergency fund?
An estimate of income and expenditure for a set period of time
What is a budget?
A financial liability or obligation owed by one person, the debtor, to another, the creditor
What is debt?
An expense in your budget that you can expect to stay the same, or close to it, over time
What are fixed expenses?
Anything that has current or future economic value to a business
What is an asset?
Generally operates as a substitute for cash or a check and most often provides an unsecured revolving line of credit
What is a credit card?
Using your personal information- such as your name, Social Security number, or credit card number- without your permission
What is identity theft?
An item of value that a lender can seize from a borrower if they fail to repay a loan according to the agreed terms
What is collateral?
the estimated reduction in value of a fixed assets within a fiscal year
What is depreciation?