Personal Finance Vocabulary – Flashcards
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a savings plan for retirement
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401(k)
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Annual Percentage Rate for interest paid on a card
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APR
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Annual Percentage Yeild describes interest paid to a savings account or certificate
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APY
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what you own or have paid for
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Assets
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Automated Teller Machine where and individual can withdraw, deposit, or transfer money within their account
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ATM
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a process where accounts are rechecked for accuracy and completeness
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Audit
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the existing amount in an account
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Balance
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something an employer offers an employee beyond salary (health coverage)
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Benefit
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a written order directig a bank to take money from your account and pay someone you have designated on the order
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Check
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the final arranging of details for the sale of a house
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Closing
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a partial payment for the benefits or service (doctor visit)
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Co-pay
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to add your signature to a loan made by someone else, promising that you will repay if the other person does not
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Co-sign
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a transaction that adds to an account
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Credit
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a card that allows an individual to charge the cost of a purchase to a credit account (an instant loan)
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Credit Card
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the amount of money a bank or credit card company is willing to loan you
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Credit Limit
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a report that tells you how well you repay your loans
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Credit Rating
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a transaction that takes money from an account
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Debit
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a card that allows an individual to pay for a purchase with money electronically withdrawn from their account (similar effect as a check)
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Debit Card
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the sum of money or obligations you owe
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Debt
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the amount that the indivual must pay before the insurance company pays its share
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Deductible
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not repaying a loan as promised
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Defaulting on a loan
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money given to charity
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Donation
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a percent of the purchase price of an expensive item that must be paid before a bank issues a loan
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Down payment
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someone who is hired and works for someone else
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Employee
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someone who hires workers
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Employer
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writing your signature on the back of a check made out to you
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Endorsing a check
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Federal Insurance Contribution Act, also known as Social Security tax (payroll tax that supports a minimum living allowance in retirement)
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FICA
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income that can't be increased
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Fixed Income
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toatal pay before payroll taxes
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Gross
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a reward or something positive that is generally used to encourage someone to do something
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Incentive
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money paid by the bank for the use of your money, of paid by you for the use of bank money
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Interest
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a face-to-face meeting with someone who may hire you
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Interview
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a book or chart that lists financial transactions; also called a register
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Ledger
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insurance that protects individuals from lawsuits where they may have been at fault
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Liability Insurance
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a writtin agreement to repay borrowed money; also called a note
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Loan
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the cost of keeping something in working order
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Maintenance
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federal insurance that pays for hospitalization for the elderly
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Medicare
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a dollar amount per hour established by the government that defines the leastamount all employers must pay their employees
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Minimun Hourly Wage
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the least amount you may pay each month on a credit card charge account
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Minimum Payment
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a special loan that generally refers to money borrowed to buy a house
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Mortgage
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cashing a check or depositing it into an account
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Negotiating a Check
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total pay minus payroll taxes
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Net
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the value of your assets minus your debts
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Net Worth
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another name for a loan
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Note
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time beyond your normal workweek that is sometimes paid at a higher rate
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Overtime
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taxes taken out of the pay before issuing the paycheck, including, federalincome tax, FICA, and Medicare
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Payroll
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a percent of your salary paid after you ritire
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Pension
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a math term to describe a part of a whole; means per "100"
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Percent
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an idividual who donates a lot of their money to charities
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Philanthropist
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insurance that covers fire, theft, and water damage
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Physical Damage Insurance
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a secret number that an individual uses to identify themself at an ATM
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PIN Number
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Point of Sale, where the person uses their debit card
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POS
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to record
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Post
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the initial amount of a loan before interest charges
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Principal
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taxes paid to the town or city based on the value of your house and land
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Property Taxes
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the period of time after you stop working; generally at age 65
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Retirement
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a scoring sheet keyed to standards and used to evaluate work
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Rubric
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a fixed amount paid for work, but often regards for hours worked
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Salary
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money set aside, generally in a bank or investments, which earns interest
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Savings
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another name for net pay
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Take-Home
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a legal search of town records to be certain that the owner can can legally sell their house
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Title Search
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activity within an account, either a deposit, transfer, or withdrawal
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Transaction
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one that has been owned and used by someone else
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Used Car
