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Language of Money
Budgeting
Credit
Language of Money 2
100
a written order directing a bank to take money from your account and pay someone you have designated on the order
What is Check
100
An estimate of income and expenditure for a set period of time.
What is Budget
100
a record of how an individual has applied for, received, and repaid credit obligations in the past
What is Credit Report
100
the existing amount in an account
What is Balance
200
a card that allows an individual to pay for a purchase with money electronically withdrawn from their account
What is Debit Card
200
Are flexible and fixed costs the same for everyone
What is No
200
a three digit number that creditors use to assess the likelihood that consumers will repay their debts and make payments on time
What is Credit Score
200
a written agreement to repay borrowed money; also called a note
What is Loan
300
a percent of the purchase price of an expensive item that must be paid before a bank issues a loan
What is Down Payment
300
What kind of costs don't change
What is Fixed Cost
300
Worse credit score
What is less than 500
300
a transaction that takes money from an account
What is Debit
400
a transaction that adds to an account
What is Credit
400
Who creates budgets
What is individuals and businesses
400
Best credit score
What is Greater than 720
400
a special loan that generally refers to money borrowed to buy a house
What is Mortgage
500
money paid by the bank for the use of your money, of paid by you for the use of bank money
What is Interest
500
What kind of goals do you identify in budgets
What is short term and long term goals
500
Biggest factor affect credit score Types of credit in use Payment history Length of credit history Amount owed Amount of new credit
What is Payment history
500
the action of making financial accounts consistent; harmonization
What is Reconciliation