Budgeting
This financial document outlines a person's or household's anticipated income and expenses for a specific period, usually a month.
What is a budget?
When making a purchase, this percentage of the original price is often calculated to determine the final amount paid during a sale.
What is a discount?
What is financial literacy?
The amount of money one owes to creditors.
What is debt?
This term refers to the total value of a person's assets minus their liabilities.
What is net worth?
This financial goal involves setting aside money for future needs, emergencies, or unexpected expenses.
What is building an emergency fund?
This financial term refers to the increase in the cost of goods and services over time, leading to a decrease in purchasing power.
What is inflation?
Money awarded to students based on academic achievement, talent, or other criteria.
What is a scholarship?
This financial goal involves setting aside money for future needs such as education, retirement, or emergencies.
What is saving for long-term goals?
The maximum amount of money a creditor is willing to lend to a borrower is called this.
What is a credit limit?
To create a successful budget, it's important to track these regularly to ensure spending aligns with financial goals.
What are expenses?
When purchasing a big-ticket item, it's wise to compare these to ensure you're getting the best deal.
What are prices or costs?
This type of loan accumulates interest while the borrower is in school.
What is a subsidized loan?
This type of insurance provides coverage for unforeseen events such as accidents, illnesses, or disability.
What is health or disability insurance?
The total annual income of a person or household before taxes and other deductions.
What is gross income?
This term refers to the total amount of money a person or household has available for spending and saving during a defined period, typically a month.
What is income?
This three-digit number, often used by lenders, represents an individual's creditworthiness based on their credit history.
What is a credit score?
This form, often required for financial aid applications, provides a snapshot of a student's family's financial situation.
What is the Free Application for Federal Student Aid (FAFSA)?
This financial tool allows individuals to purchase a home with a relatively small down payment.
What is a mortgage?
This financial instrument represents ownership in a company and often comes with voting rights.
What is a stock?
The 50/30/20 rule is a popular guideline for budgeting. It suggests allocating 50% of income to needs, 30% to wants, and 20% to this financial priority.
What is saving or debt repayment?
When shopping online, it's important to look for this to ensure that your personal and financial information is secure.
What is a secure (SSL) connection?
This federal program allows eligible students to work part-time jobs to help pay for their education.
What is Federal Work-Study?
This term refers to the amount of money a person has left over after subtracting expenses from income.
What is discretionary income?
This term describes a sudden, widespread decline in the value of assets, often resulting in financial crisis.
What is a market crash?