Borrowed and paid back
the ability to borrow money with the promise that you will repay it in the future, often with interest.
Credit
a financial liability or obligation owed by one person, the debtor, to another, the creditor.
debt
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.
Financial Aid
an increase in value over time
appreciation
expenses that change in amount from month to month
variable expenses
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.
Interest
placing money into the care of a bank or other financial institution.
deposit
the money that a person or entity receives in exchange for their labor or products
Income
anything that has a current or future economic value to business
asset
the money you may have available after taxes and deductions are taken out of your paycheck
net income
the action or process of reducing or paying off a debt with regular payments.
Amortization
the estimated reduction in value of fixed assets within a fiscal year.
depreciation
when money is given to another party in exchange for repayment of the loan principal amount plus interest.
Loan
a specialized computer that allows you to complete bank transactions without the need to see a bank representative
ATM
wages withheld from an employee's total earnings for the purpose of paying taxes, garnishments, and benefits, like health insurance
payroll deductions
the money that you agreed to pay back
principal
the cash that the buyer pays upfront in a real estate transaction and other large purchases.
down payment
a wage set by contract or by laws as the lowest that may be paid to employees
minimum wage
a separate savings account used to cover or offset the expense of an unforeseen situation
emergency fund
an expense in your budget that you can expect to stay the same or close to it over time
fixed expenses
a prediction of your credit behavior, such as how likely you are to pay back a loan on time, based on information from your credit reports.
Credit Score
a payment card the deducts money directly from a consumers checking account when used.
debit card
compensation paid to employees in exchange for their time and labor
wages
using your personal information such as your name, social security number, or credit card number without your permission
identity theft
all the money you earn before taxes and other deductions are subtracted
gross income