Payment Methods
Generally operates as substitute for cash or check and most often provides an unsecured revolving a line of credit
What is credit card
Anything that has current economic value to a business
What is asset
A wage set by contract or by law as the lowest that may be paid to employees
What is minimum wage
A estimate of income and expenditure for a set period of time
What is budget
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
A payment card that deducts money directly from the customer's checking account when it is used
What is debit card
A retirement savings plan that offers significant tax benefits while helping you plan for the future
What is 401k
An expense in your budget that you can expect to stay the same, or close to it, over time
What are Fixed expenses
The ability to borrow money with the promise that you'll repay in the future, often with interest
What is credit
A form filled out by current and future undergraduate and graduate college students in the United States to determine whether they are eligible for student financial aid
What is FAFSA
Placing money into the care of a bank or another financial institute
What is deposit
An asset or item acquired with the goal of generating income or appreciation
What is investment
the money that a person entity receives in exchange for their labor or products
What is income
A legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations
What is bankruptcy
A federal program that provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses
What is Work-study program
When money is given to another party in exchange for repayment of the loan principal amount plus interest
What is loan
A separate savings account used to cover or offset the expense of an unforeseen situation
What is emergency fund
All the money you earn before taxes and other deductions are subtracted
What is Gross income
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
A legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations
What are bankruptcy
Compensation paid to employees in exchange for their time and labor
What is wage
Equity ownership in corporation or financial asset, owned by investors who exchange capital in return for these units
What is share
The money you may have available after taxes and deductions are taken out of your paycheck
What is Net income
The money that you originally agreed to pay back
What is principal
expenses that change in amount from month to month
What are variable expenses