Money
One example of a mandatory deduction
(Federal Income Tax, FICA tax, court garnishment, state taxes)
The cost to borrow money is also referred to as the...
Interest
Type of expense that stays the same in value every month (rent, most mortgages, most cell phone bills)
Fixed Expense
Type of insurance that financially protects your loved ones in the event of your death
Life Insurance
Share of ownership in a corporation
Stock
General increase in the price of goods and services
inflation
Number used to measure your ability to pay back bills on time, your trustworthiness as a borrower
Credit Score
Type of expense that changes in value from month to month (electricity, water bill, groceries, gasoline)
Variable Expenses
Person designated to receive death benefit on life insurance policy
Beneficiary
A loan by you to a government or business with the expectation of receiving payment back at a maturity date with added interest
Bond
Type of money that is connected to your checking and savings account. Allows you to withdrawal cash and make payments
Debit Card
you take out a loan with "collateral", what is collateral?
Property that can be taken if you fail to repay the loan
All your money BEFORE any taxes or deductions are taken out
Gross Income
Type of insurance (usually under automobile) that protects people from damages that YOU cause
Liability
Largest stock exchange in the world
New York Stock Exchange
US currency is based on people's faith in the government not gold or another resource
Fiat Money
Loan for a home
Mortgage
Your money after paying for taxes and other deductions
Net Income
Type of insurance that will help you pay for the cost of medical bills
Health Insurance
Pool of various investments that lots of people put their money into, hoping for steady consistent gains
Mutual Fund
Type of money you could get at a post office or grocery store, operates like a check. Can get one without a bank account
Money Order
What happens if you only make the minimum payment on your credit card?
Interest builds on remaining balance
What should be the first thing you save for when after getting a job?
Type of life insurance that only covers you for a period of time. Does not accumulate a cash value
Term Life Insurance
Payment received by investors when a stock does well for a period of time
Dividend