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Intro to Personal Finance
Savings
Budgeting
Debt
Life After High School
100
Debt evidenced by a "note" - principal amt., interest rate, date of repayment
Loan
100
Fee paid by a borrower to the lender for the use of borrowed money
Interest
100
Written cash flow plan
Budget
100
Card issued by a bank that allows users to finance a purchase
Credit card
100
Merit-based form of financial aid that does not need to be repaid
Scholarship
200
Obligation of repayment owed by one party to a second party
Debt
200
Money set aside and left alone for a "rainy day"
Emergency fund
200
Series of envelopes divided into categories, used to pay cash for planned monthly expenses
Envelope system
200
Decrease or loss in value
Depreciation
200
Form of federal or state financial aid that does not need to be repaid
Grant
300
Granting of a loan and creation of debt
Credit
300
Interest paid on previous interest earned
Compound interest
300
Pay as you go
Cash flow
300
Detailed report of individual's credit history
Credit report
300
These may be free or low-cost - found online, at community colleges, or through government-funded programs
Certifications
400
System by which goods & services are produced and distributed
Economy
400
Money set aside and left alone for a "rainy day"
Sinking fund
400
To match your bank statement with your checkbook
Reconcile
400
Long-term rental agreement on a car; a form of secured long-term debt
Lease
400
Program that allows students to work part time while continuing their studies
Work study
500
Knowledge & skillset necessary to be an informed consumer & manage finances effectively
Financial literacy
500
Persistent rise in the cost of goods and services
Inflation
500
Item that is bought without previous planning or consideration of long-term effects
Impulse purchase
500
When a person owes more on an item than it is worth, the person is said to be ______________________ on the loan.
Upside down
500
Form that is completed annually by current and prospective college students to determine their eligibility for financial aid
FAFSA