Business 8 - Personal Finance

Personal Finance Vocab

100

Money that needs to be repaid by the borrower

Loan

200

Money You Own

Debt

300

When you don't have money to pay your debt. This is a legal process to forgive your debt. Negative on Credit Report for 7 years.

Bankruptcy

400

Your total amount of income from wages before any deductions

Gross Income

500

Your total amount of income from wages after any deductions - what you actually bring home

Net Income

Banks/Credit Unions

100

Making financial transactions on a mobile device. This allows you to bank in your pjs and not have to go to the band/credit union

Mobile Banking

200

These institutions can have many locations, offer a wider variety of services, and usually have stricter financial guidelines

Banks

300

These institutions are fewer in number and only allow certain groups of people to bank with them. However, they offer more flexibility

Credit Unions

400

Banks/Credit Unions make sure your money is safe in case of fires, theft, the economy, etc. because they have this

Insurance

500

These are three examples of place you could bank in WNY

Bank of America, Citizens Bank, Evans Bank, M and T Bank, Key Bank, Northwest, Meridia Credit Union

Checking/Savings Acts.

100

These are limited per month from a savings account

Withdrawls

200

The act of putting money into the bank

Deposit

300

You can earn interest on this type of account

Savings Account

400

When you have a Checking Account they give you one of these to use at the ATM and when making in store and online purchases

Debit Card

500

Make sure to bring your license(picture id), social security card, and birth certificate, and a parent(if under 18) when trying to do this at a bank

Opening an Account

Checks101

100

You receive checks with this type of account

Checking Account

200

This is required on the bottom right of all checks!! No printing!!

Signature

300

What the dollar amount in the box (in numbers) and the dollar amount written out must do

Match

400

What you call checks that have a number under 100

Starter

500

Be very careful with your checks. Don't be like Mr. Errington and put them in the mailbox.  We don't want to have to worry about this

Fraud/Stolen

Budgeting

100

Money you have coming in. It could be from a job or gifts

Income

200

Money you are spending. This is money you have going out

Expense

300

When your income is higher than your expenses you have this

Profit

400

When your income is lower than your expenses you have this

Loss

500

Creating a monthly budget helps you to do this

Manage your money