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PFL_Vocab
Personal Financial Literacy Unit vocabulary
| Term | Definition |
|---|---|
| Income | Money earned during a specific period; e.g., $10 per hour or $50,000 per year. |
| Opportunity Cost | The next-best alternative that is given up when a choice is made. |
| Wages | Income earned from working. |
| Career Cluster | Jobs within a similar category; e.g., artist and graphic designer, bookkeeper and accountant, chef and dietician. |
| Human Capital | Knowledge, skills, experience, and attitude that help a person do a job better. |
| Productivity | The amount of output per unit of input; e.g., if 5 workers can produce 25 gizmos in one day, the productivity per day is 5 gizmos per worker. |
| Self-assessment | Examining characteristics about yourself. |
| Work Ethic | Determination and positive habits on the job. Positive habits include reliability, punctuality, friendliness, honest, and ability to work independently or in cooperation with others. |
| ATM | Automatic teller machine |
| Debit Card | A plastic card that is used to deduct funds automatically and immediately from a checking account. |
| Deposit | Adding money to a bank account. |
| Interest | Money paid for the use of someone else's money. |
| Overdraft | Writing a check or using a debit card for an amount that is more than the amount on deposit in a bank account. |
| PIN | Personal Identification Number; a confidential code used to access private financial information or to make a transaction. |
| Service Charge | The fee charged by a financial institution for certain services it provides to customers. |
| Withdrawal | Subtracting money from a bank account. |
| Annual Fee | The yearly charge for having a credit card. |
| Annual Percentage Rate (APR) | The total cost of credit for one year, expressed as a percentage. The APR includes interest and other fees associated with the loan. |
| Credit Limit | The maximum amount of credit extended to you by a bank or credit card issuer. |
| Finance Charge | The total dollar amount you must pay for the credit you use. The charges may include interest and other fees such as a loan application fee. |
| Grace Period | A period of time during which you are not charge interest on new purchases (if you have no outstanding balance). |
| Interest | The price of using credit. |
| Interest Rate | The price of using credit expressed as a percentage of the amount owed. |
| Late Fee | A penalty, in addition to interest, that is charged if payment is received after the due date. |
| Minimum Payment | The lowest amount you must pay toward your credit balance each month. |
| Collateral | Property or other valuables used as a security to guarantee the repayment of a loan. The lender can claim collateral if the borrower fails to repay. |
| Credit Bureau | A firm that collects borrowers' credit histories. |
| Credit Report | A history of a borrower's use of credit. You should get a copy of your credit report once a year to ensure there are no mistakes. |
| Credit Score | A score used to evaluate a borrower's credit worthiness and likelihood to repay a loan. Credit scores are based primarily on a borrower's payment history and the amount owed. (Also, how long you've had each account, types of credit used, and new credit.) |
| Debt-to-Income Ratio | A measurement of how much of your income is being spent on debt. Financial advisors suggest that you keep debt levels below 15% of your net income; debt levels of 20% of your net income are dangerously high. This limit does not include mortgage payments. |
Created by:
santiano_wms1
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