Money Terms
A financial Compensation that is above and Beyond the normal payment expectations.
What is a Bonus
Payment card that allows you to borrow money from a credit issuer
What is a credit card
Legal process of people who can no longer pay their debt
What is Bankruptcy
The standard form used to apply for federal and state financial aid
What is FAFSA
The fee charged by a lender for borrowing money
What is interest
Money given to children when completing chores
what is allowance
3 digit number that estimate your creditworthiness
What is credit score
Failing to make payments on a loan
What is defaulting
Need-based financial aid that does not have to be repaid
What is a Grant
financial plan that outlines an individual's expected income and how that money will be spent over a specific period
What is a Budget
savings account set aside for unexpected expenses
What is emergency fund
A detailed report of persons credit history
What is a credit report
money owed to a creditor
What is debt
Money awarded to a student based on academic merit, talent, or other specific criteria, which does not need to be repaid
What is a scholarship
Costs that remain the same each period
What is a fixed expense
Money placed in a bank account
What is deposit
Total cost of a loan over a year expressed as a percentage.
What is APR
person spends more than they earn
What is living beyond your means
A federal program providing part-time jobs for students with financial need to help cover education expenses.
What is work study
a cost that changes in direct proportion to the level of activity
What is a variable Expense
Anything of Value
What is an asset
The original amount borrowed from a lender
What is loan principal
Taking out to much money from your checking account
What is overdraft/overdrawn
Money borrowed from the government or a private source that must be repaid with interest after leaving school.
What is college loan
Money paid to the government to help pay for things like schools and roads
What are taxes