Money that's borrowed
The ability to borrow money with the promise that you'll repay it in the future often with intrest
what is Credit
A financial liability or obligation owed by one person the debtor to another the creditor
what is Debt
all the money you earn before taxes and other deductions are subtracted
what is Gross Income
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
mandatory contributions levied on individuals or corporations by a government entity
what is Taxes
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 legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations
what is bankruptcy
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 in exchange for services or products
what is Income
an expense in your budget that you can expect to stay the same, or close to it, over time
what is Fixed expenses
compensation paid to employees in exchange for their time and labor
what is Wages
The maximum amount of money a lender will allow you to spend on a credit card or a line of credit
what is Credit Limit
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
the money you may have available after taxes and deductions are taken out of your paycheck
what is Net Income
expenses that change in amount from month to month
what is Variable Expenses
anything that has current or future economic value to a business
what is Asset
a prediction of your credit behavior such as how likely you are to pay back a loan on time based on info from your credit reports.
what is Credit score
when money is given to another party in exchange for repayment of the loan principal amount plus interest
what is Loan
an increase in value over time
what is Appreciation
expenses that help you live more comfortably
what is Want
an agreement between you and a lender that gives the lender the
What is Mortgage
An Item of value that a lender can seize from a borrower if they fail to repay a loan
what is Collateral
wages withheld from an employee’s total earnings for the purpose of paying taxes, garnishments, and benefits, like health insurance
what is payroll deductions
an expense in your budget that you can expect to stay the same, or close to it, over time
What is Fixed expenses
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
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