I Owe You One
Mandatory contributions levied on individuals or corporations by a government entity
What are Taxes
The money that a person or entity receives in exchange for their labor or products; The amount of money, property, and other item of value received over a set period of time for services or products
What is Income
An increase in value over time
What is Appreciation
A legal proceeding initiated when a person or business is unable to repay outstanding debts or obligation
What is Bankruptcy
The maximum amount of money a lender will allow you to spend on a credit card or a line of credit
What is a Credit Limit
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
The money given in the form of grants, work-study, loans, and scholarships to help pay for post-secondary tuition and fees, as well as related expenses such as room and board, books, supplies, and transportation
What is Financial Aid
Generally operates as a substitute for cash or a check and most often provides an unsecured revolving line of credit
What is Credit Card
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
When money is given to another party in exchange for repayment of the loan principal amount plus money
What is a Loan
All the money you earn before taxes and other deductions are subtracted
What is Gross Income
A federal program that provides part-time jobs for undergraduate/graduate students with financial need, allowing them to earn money to help repay education expenses
What is a Work-Study Program
The estimated reduction in value of a fixed assets within a fiscal year
What is Depreciation
The cash that the buyer pays upfront in a real estate transaction or other large purchases
What is a Down Payment
A financial liability or obligation owed by one person, the debtor, to another, the creditor
What is Debt
Wages withheld from an employees total earnings for the purpose of paying taxes, garnishments, and benefits, like health insurance
What is Payroll Deductions
An expense that helps you live more comfortably
What is a Want
A payment card that deducts money directly from a consumer's checking account when it is used
What is a Debit Card
A separate savings account used to cover or offset the expense of an unforeseen situation
What is an Emergency Fund
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 Callateral
The money you may have available after taxes and deductions are taken out of your paycheck
What is Net Income
A retirement savings plan that offers significant tax benefits while helping you plan for the future
What is a 401K
When you remove funds from a bank account, savings plan, pension, or trust
What is a Withdrawl
Expenses that change in amount from month to month
What are Variable Expenses