Trading Cards
It is the cost of credit on an annual basis.
This rule of thumb suggests a monthly vehicle payment should not exceed this percentage of your net pay.
20%
This is another common name used for paper money.
This is the basic formula used to calculate the dollar amount of a tax.
What is Tax Base × Tax Rate?
It is defined as a plan for managing income, spending, and saving during a given period.
Budget
This is defined as risking money on the chance of winning more money.
Gambling
Unlike credit card purchases, these transactions are deducted from a bank account balance immediately.
Debit Card Transactions
It is the legal right of a creditor to take or sell property as security for a debt.
Lien
It is defined as having knowledge of financial matters and applying that knowledge to one's everyday life.
Financial Literacy
These are government payments to individuals (like Social Security) where no goods or labor are provided in exchange.
Transfer Payments
his economic concept means productive resources are limited, so people cannot have everything they want.
Scarcity
This is the mathematical advantage that a casino has over a player in any given game.
House Edge
If you notify the bank of a lost debit card within this many business days, your maximum liability is $50.
2
A car loan is categorized as this type of loan because it is backed by collateral (the car).
Secured loan
This is the original amount of money borrowed or still owed on which interest is charged.
Principal
Public goods, such as national defense, are described by these two characteristics.
Nonrival and Nonexcludable
It is the highest-valued alternative given up when a choice or decision is made.
Opportunity Costs
Economists use this term to describe the satisfaction or pleasure derived from consuming a good or service.
Utility
This type of loan, like a credit card, is not backed by property or collateral.
Unsecured Loan
This federal law requires creditors to give written notice of terms like finance charges and the APR.
Truth in Lending Act
The curriculum suggests that keeping or saving currency through financial knowledge is functionally the same as doing this.
Earning
This tax structure is defined by a tax rate that increases as the income or tax base increases.
Progressive
Rent and car payments are examples of this budget category because they are the same amount each month.
Fixed Expenses
On average, individuals identified as "problem gamblers" typically start gambling at this age.
10
This 2009 Act requires consistency in payment dates and places new limits on fee increases and rate hikes.
Credit Card Act
This Latin phrase, meaning "let the buyer beware," encourages consumers to analyze contracts before signing.
Caveat Emptor
According to a 2008 survey, 12th-grade students could only correctly answer this percentage of basic financial-skills questions.
48.3%
This term describes the way income is distributed among individuals in a society, affecting the mix of goods produced.
Income Distribution
his occurs when you give up some of one thing to gain some of something else.
Trade-Off
This is a type of side wager placed on specific variables or events within a game that may not affect the final outcome.
PROP BETS