Budgeting
Series of envelopes that are divided into categories (food, entertainment, gas, etc.) and are used to store cash for planned monthly expenses
What is the envelope system?
Type of card issued by a bank that allows users to finance a purchase
What is a credit card?
Feeling regret or concern after making a large purchase
What is buyer's remorse?
The process of quantifying the costs and benefits of a decision
What is cost-benefit analysis?
A merit-based form of financial aid that does not need to be repaid; usually offered on the basis of academic, athletic, or other achievements
What is a scholarship?
Occurs when money is withdrawn from a bank account and the available balance goes below zero
What is an overdraft?
A detailed report of an individual's credit history
What is a credit report?
Refers to the financial opportunity that is given up because you choose to do something else with your money
What is opportunity cost?
Type of yard sale with more items, usually the entire contents of a household
What is an estate sale?
A form of federal or state financial aid that does not need to be repaid
What is a grant?
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero
What is a zero-based budget?
Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments
What is debt snowball?
The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality, or effectiveness)
What is branding?
Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract
What is foreclosure?
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 copy of each check you write
What is a carbon check?
Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan
Providing financing options, personal selling, repetition
What are common marketing strategies?
Retail store where people sell items and the owner of the shop gets a percentage of the sale
What is a consignment shop?
An undergraduate academic degree awarded by colleges upon completion of a course of study lasting two years
What is an associate's degree?
Fixed expenses, variable expenses, discretionary expenses
What are expenses your monthly budget should include?
This person created the first credit card in 1950
Who is Frank McNamera?
Latin term for "buyer beware"
What is Caveat Emptor?
Consignment shops, individuals, online auctions
What are good places to find a deal?
Get a part-time job, plan ahead, fill out the FAFSA
What are good ways to pay for your education?