Credit & Debit
Generally operates as a substitute for cash or a check, allowing one to buy now and pay back later with interest
Credit Card
A separate savings account used to cover or offset the expense of an unforeseen situation
Emergency Fund
The action or process of reducing or paying off a debt with scheduled, pre-determined installments that include principal and interest
Amortization
An estimate of income and expenditure for a set period of time
Budget
A specialized computer that allows you to complete back transactions without the need to see a bank representative
ATM
A prediction of your credit behavior, such as how likely you are to pay back a loan on time, based on information form your credit reports
Credit Score
A retirement savings plan that offers significant tax benefits while helping your plan for the future
401K
Identity Theft
placing money into the care of a bank or other finicial institution
Deposit
Something necessary for survival or basic functioning
Need
The maximum amount of money a lender will allow you to spend on a credit card or a line of credit
Credit Limit
A form filled out by current and future undergraduate and graduate college students in the Unites States to determine whether they are eligible for student financial aid
FAFSA
An item of value that a lender can seize from a borrower if they fail to repay a loan according to the agreed terms
Collateral
A wage set by contract or law as the lowest that may be paid to employees
Minimum wage
The reduction in value of an asset over time
Depreciation
The ability to borrow money or obtain goods and services before payment with the promise that you'll repay it in the future, often with interest
Credit
Compensation paid to employees in exchange for their time and labor
Wages
A secured loan used to finance real estate, where the property itself serves as collateral, meaning the lender can seize it (foreclose) if the borrower defaults of regular principal and interest payments
Mortgage
A legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations
Bankruptcy
The money that a person receives in exchange for their labor or products
Income
A financial liability or obligation owed by one person, the debtor, to another, the creditor
Debt
A federal program the provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses
Work-study program
expenses that change in amount form month to month
Variable Expenses
Wages withheld from an employee's total earnings for the purpose of paying taxes, garnishments, and benefits, like health insurance
Payroll Deductions
The monetary charge for borrowing, or depositing money and is usually expressed as a percentage of the amount borrowed, or deposited; a charge that borrowers pay lenders for a loan
Interest