Saving
A system by which goods and services are produced and distributed
What is Economy
the persistent increase in the cost of goods and services or the persistent decline in the purchasing power of money
What is inflation
a decrease or loss in value
Depreciation
A summary that shows total income and spending for a given time period
Cash flow statement
To buy an item with credit
what is financing
A person or organization that buys goods or services
what is a consumer
The five steps to financial success
What is the Five Foundations
Type of card issued by a bank that allows users to finance a purchase
Credit card
A written cash flow plan
Budget
Refers to the financial opportunity that is given up because you choose to do something else with your money
What is opportunity cost
All of the decisions and activities of an individual or family regarding their money, including spending, saving and budgeting
What is personal finance
Interest paid on interest previously earned
What is interest bearing account
Latin term for buyer beware
Caveat Emptor
A program that allows students to work part time while continuing their studies
What is work study
an amount of money you spend, usually $300 that causes some pain to part with
Significant purchase
A fee paid by a borrower to the lender for the use of borrowed money
What is Interest
Saving money over time for a large purchase
Sinking Fund
Feeling regret or concern after making a purchase
Buyer's Remorse
A form of federal or state financial aid that does not need to be repaid
Grant
An undergraduate academic degree awarded by colleges
Associates degree
The granting of a loan and the creation of a debt
A savings account that is set aside to be used only for emergency expenses
Emergency Fund
A copy of each check you write
Carbon check
A type of higher learning school that focuses on job skill training for specific career fields rather than academics in liberal arts
What is trade school
A form thats completed annually by current and prospective college students to determine eligability for financial aid
FASFA