The decisions which an individual or a family unit is required to make to obtain, budget, save, and spend money over time
What is personal finance?
100
Interest paid on interest previously earned
What is compound interest?
100
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero
What is zero-based budget?
100
a financial institution that grants "payday" loans based on an anticipated paycheck or car title, often charges extraordinarily high interest rates
What is cash advance?
100
A form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial need
What is a grant?
200
An obligation of repayment owed by one party to a second party; in most cases this includes repayment of the original loan amount plus interest
What is debt?
200
Percentage paid to a lender for the use of borrowed money
What is interest rate?
200
Type of card, often bearing the seal of a major credit card company, but unlike a credit card, the money comes directly out of a checking account.
What is a debit card?
200
Report showing your payment history
What is credit report?
200
A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements
What is scholarship?
300
Charge for borrowed money generally defined as a percentage
What is interest?
300
Five hundred dollars in readily available cash to be used only in the event of an emergency
What is an emergency fund?
300
a series of envelopes that are divided into categories and are used to store cash for planned monthly expenses
What is envelope system?
300
A measure of an individual's credit risk: calculated from a credit report using a standardized formula
What is credit score?
300
A program that allows students to work part time while continuing their studies.
What is work study?
400
The granting of a loan and the creation of debt; any form of deferred payment
What is credit?
400
Saving money over time for a large purchase
What is a sinking fund?
400
Occurs when money is withdrawn from a bank account and the available balance goes below zero
What is overdraft?
400
Legal procedure for dealing with debt problems of individuals and businesses; specifically a legal court case filed under one of the chapters of Title 11 of the United States Code
What is bankruptcy?
400
a form of federal or private financial aid that must be repaid; can be either subsidized or unsubsidized
What is student loan?
500
A person or organization that uses a product or a service
What is a consumer?
500
The 5 Foundations
What is
1. $500 Emergency Fund
2. Get out of debt
3. Pay cash for your car
4. Pay cash for college
5. Build Wealth and Give
500
To match your bank statement with your checkbook
What is reconcile?
500
Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan