Bad money (things you don't want to happen)
an expense in your budget that you can expect to stay the same or close to it over time
What are Fixed Expenses
The money that a person gets in exchange for their labor or products
What is income
the money you originally agreed to pay back
What is principle
compensation paid to employees in exchange for their time and labor
What is wages
a payment card that deducts money directly from a consumers checking account
What is a Debit Card
the difference between the cost of attendance and the expected family contribution
What is Need
an estimate of income ad expenditure for a set time period
What is a Budget
a financial liability or obligation owed by one person,the debtor,to another, the creditor
What is Debt
A wage set by a contract or by law as the lowest that may be paid to employees
What is Minimum Wage
generally operates as a substitute for cash or a check and most often provides an unsecured revolving line of credit
What is a Credit Card
expenses that change in amount from month to month
What is variable expenses
borrowing money with the promise you will repay it in the future, most likely with interest
What is Credit
when money is given to another party in exchange for repayment of the loan principle plus interest
What is a Loan
all the money you earn before taxes and other deductions are subtracted
What is Gross Income
separate saving accounts used to cover or offset the expense of an unforeseen situation
What is an Emergency Fund
the estimated reduction in value of a fixed assets within a fiscal year.
What is depreciation
anything that has current or future economic value to business
What is Asset
a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations
What is Bankruptcy
a federal program that provides part-time jobs for undergraduate and graduate students with financial need,allowing them to earn money to help you pay education expenses
What is a Work-study program
the cash that buyers pay up front in a real estate transaction and other large purchases
What is a Down Payment
mandatory contributions levied on individuals or corporations by a government entity
What are taxes
an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest
What is Mortgage
the action or process of reducing or paying off debt with regular payment
What is Amortization
Money given in the forms of grants,work-study,loans,and scholarships to help pay for post secondary tuition and fees,as well as related expenses such as room and board,books,supplies,and transportation
What is Financial Aid
wages with-held from an employees total earnings for the purpose of paying taxes, garnishments, and benefits, like health insurance
What is Payroll Deductions