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Financial Literacy
Terminology for the financial literacy unit
| Term | Definition |
|---|---|
| gross income | total revenue received before any deductions or allowances are taken out |
| net income | the balance of gross income remaining after all allowable deductions and exemptions are taken |
| invest | to spend money on something in the hope of a future return or benefit |
| personal property | an estate or property consisting of movable articles such as furniture, jewelry, stocks or bonds |
| real property | an estate or property consisting of lands and buildings, crops, or mineral rights on that land |
| lease | to grant the temporary possession or use of land, car, apartment, etc. to another, usually for a fixed amount of time and money. |
| finance | to supply with money or credit for a purchase, usually for a fixed amount of time and interest. |
| debit card | a plastic card that resembles a credit card, but functions like a check and through which payments for purchases or services are made electronically |
| landlord | a person or organization that owns and leases apartments to others |
| liability | money or debts owed |
| asset | items of ownership that can be sold |
| tax | a sum of money demanded by a government for its support or for specific facilities or services |
| debt | an obligation to pay something...something that is owed |
| credit union | a cooperative group that makes loans to its members at low rates of interest |
| bank | an institution for receiving, lending, exchanging, and safeguarding money and, in some cases, issuing notes and transacting other financial business |
| loan | the act of lending |
| utilities | a public service such as electrical, natural gas, or telephone service |
| interest | a charge made for borrowing money, or a payment made by a bank for the use of money deposited in an account |
| deposit | to put money into a bank or other financial institution |
| budget | a plan for how money will be spent or allocated |
| withdrawal | to take money out of a bank account |
| insurance | protecting property or one's life against loss or harm arising in specified events such as; fire, accident, death, disablement, etc. and for a payment proportionate to the risk involved |
| insurance coverage | the total amount and type of insurance purchased by someone |
| comprehensive insurance | the type of insurance which pays to repair or replace the owner's vehicle and personal property inside of it if damaged or lost due to something such as fire, theft, flood, or vandalism |
| collision insurance | the type of insurance protecting an automobile owner against loss or damage to the vehicle resulting from a collision or other accident. |
| liability insurance | the type of insurance that covers the insured in case of legal responsibility for damage caused by an automobile |
| deductible | the amount the insured has to pay on each loss or injury before the insurance company will pay anything |
Created by:
ymoore
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