Financial Decisions
Goods or services required for survival
Form of borrowing money where you pay back both principal and interest
Credit
Sum of money demanded by the government to support the government itself
Taxes
Financial product purchased by people to protect against the risk of larger losses
Insurance
Type of loans used to pay for college
Student Loans
Goods or services not required for survival
Wants
The total amount of money you can borrow
Credit limit
Tax on earned and unearned income
Income Tax
Monthly payment to insurance company
Premium
Money from the government that you DON'T have to pay back
Grants
Belief or practice about what is important to someone
Values
Allows a person to borrow a small amount from a lender
Credit Card
Tax on items such as houses, cars, land, and buildings
Property Tax
Contract between the insurance company and the insured
Policy
Form filled out to receive aid from the government
FAFSA
Businesses that provide financial services
Depository Institutions
(Banks and credit unions)
Bank loans that allow people to buy homes in payments
Mortgages
Tax on purchased goods and services
Sales tax
Formal request to an insurance company asking for payment when an accident occurs
Claim
Jobs worked on campus to help pay for tuition
Work-Study
Price paid for using someone else's money
Interest
Summarizes your credit history based on your financial behavior
Credit Score
Taxes collected from the seller that remain hidden in the price of the goods or service
Excise Tax
What you have to pay before the insurance company helps out
Deductible
When do you start paying on most student loans?
6 months after you graduate