Financial Literacy 1
What a person owns of value.
Assets
It occurs when the price of goods and services rise, and your money buys less than it used to.
Inflation
Money earned from working and other means.
Income
Buying things without thinking about whether or not you need it.
Impulse Buying
Things that are made to be sold.
Goods
A place where people put their money for safekeeping, and for ease of use.
Bank
The knowledge and skills to manage money.
Financial Literacy
Opposite of Income.
Expense
A federally insured account at a bank/credit union that offers a higher rate of interest than a savings account
Money Market Account
It is like a bank and owned by the members.
Credit Union
A loan that a person uses to pay for things, but is expected to pay back.
Credit
Finding out whether or not what you are about to buy can be found at a lower price somewhere else.
Comparison Shopping
Giving money or resources voluntarily to help those in need.
Charity
A savings certificate that earns interest and has a set amount of time before you can withdraw your money without penalties.
Certificate of Deposit
A spending plan that predetermines how your money will be spent.
Budget
Something you would like to have but can live without.
Want
Something you truly cannot live without.
Need
The total amount of money you can charge to your credit card.
Credit Limit
Fees placed on income, purchases, or property to support government programs.
Taxes
Using your personal information (e.g. your name, Social Security number, or credit card number) without your permission
Identity Theft
A three digit numerical rating of how likely you are to pay off your debts.
Credit Score
The Corporation that insures deposits at most banks.
FDIC
A form that you complete and your employer uses to determine the amount of income tax to withhold.
W-4
A summary of how you've used your credit card for a billing period
Credit Card Statement
This budgeting rule suggests allocating your after-tax income.
50/30/20