Working and Earning Money
A wage set by contract or by law as the lowest that may be paid to employees
What is Minimum Wage?
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?
An increase in value over time
What is Appreciation?
placing money into the care of a bank or other financial institution
What is a deposit?
generally operates as a substitute for cash or a check and most often provides an unsecured revolving line of credit
What is a credit card?
Compensation paid to employees in exchange for their time and labor
What are wages?
The ability to borrow money with the promise that you’ll repay it in the future, often with interest
What is credit?
The estimated reduction in value of a fixed assets within a fiscal year
What is depreciation?
a specialized computer that allows you to complete bank transactions without the need to see a bank representative
What is an ATM?
a payment card that deducts money directly from a consumer’s checking account when it is used
What is a debit card?
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?
Anything that has current or future economic value to a business
What is asset?
removing funds from a bank account, savings plan, pension, or trust
What is a withdrawal?
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?
Wages withheld from an employee’s total earnings for the purpose of paying taxes, garnishments, and benefits, like health insurance
What are payroll deductions?
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?
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?
a separate savings account used to cover or offset the expense of an unforeseen situation
FAFSA - 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 an emergency fund?
the cash that the buyer pays upfront in a real estate transaction and other large purchases
What is a down payment?
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 a work-study program?
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 a credit score?
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 a collateral?
a retirement savings plan that offers significant tax benefits while helping you plan for the future
Amortization - the action or process of reducing or paying off a debt with regular payments.
What is a 401K?
using your personal information — such as your name, Social Security number, or credit card number — without your permission.
What is identity theft?