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PF 6.03-7.00 Vocab
PF 6.03-7.00 Vocabulary Terms
| Term | Definition |
|---|---|
| Annual fee | A yearly fee that may be charged for having a credit card |
| Annual percentage rate (APR) | The cost of credit expressed as a yearly interest rate |
| Balance transfers | The act of transferring debt from one credit card account to another |
| Credit card | A plastic card that you can use to access a line of credit that has been established in advance |
| Credit limit | The maximum dollar amount that can be borrowed |
| Introductory rate | The APR charged during the credit card's introductory period after a credit card account is opened |
| Late payment fee | Fee charged when a credit card holder does not make the minimum monthly payment by the due date |
| Over‐the‐limit fee | Fee charged if the credit card account balance goes over the set credit limit |
| Penalty APR | The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered |
| Pre‐approved | When someone has passed an initial credit history check |
| Returned payment fee | Fee charged if the cardholder makes a payment but does not have enough money in that account to cover the payment |
| Schumer Box | Terms and fees of a credit card in an easy to read box on all credit card applications and solicitations |
| Variable‐rate APR | An APR that may change depending on other factors |
| Fraud | An intentional effort to deceive another individual for personal gain. |
| Automobile insurance | Provides payments for both liability and property insurance on a vehicle |
| Beneficiary | Someone who receives money if an insured person dies |
| Claim | A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury |
| Co‐insurance | Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid |
| Coverage | The risks covered and amount of money paid for losses under an insurance policy |
| Deductible | The out‐of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss |
| Dependent | Someone who relies on someone else for income and care |
| Disability insurance | Provides payment to replace earnings during times when workers cannot work due to illness or injury |
| Emergency savings | Cash set aside that can be used to cover the costs of unexpected expenses |
| Health insurance | Provides money to pay for health care for illness, injury, or, in some cases, preventive care |
| Employee benefits | Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages |
| Homeowners insurance | Provides payment to cover liability losses as well as damage and loss of the home structure and its contents |
| Household production | Doing something in the home without pay that takes raw materials along with a family member’s skill, experience, knowledge, and household equipment, to produce a useful product or service |
| In‐kind income | The donation of a product or service in place of cash |
| Insurance | A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses. |
| Liability insurance | Provides payment to others if a member of the insured household accidently causes harm to other people or property |
| Life insurance | Provides payment to beneficiaries who were named by the insured person |
| Long‐term care insurance | Provides payment for extended nursing care due to accidents, illness, or old age |
| Moral hazard | When the act of insuring an event increases the likelihood that the event will happen |
| Policy | A contract between the insurance company and the insured that states the exact terms of the policy including what risks are covered and how much will be paid for any losses |
| Policyholder | A person who owns the insurance policy |
| Premium | The money paid to an insurance company to purchase a policy |
| Property insurance | Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy. |
| Renters insurance | Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses |
| Risk | The chance of loss from an event that cannot be entirely controlled |
| Consumable good | An item that is consumed in the present |
| Durable good | An item provides a stream of services to the user over a period of time and does not quickly wear out |
| Planned buying process | Thinking through the details of a purchase, from the initial desire to buy to satisfaction after the purchase |
| Redress | The process of righting a wrong |
| Closing costs | Fees and charges associated with the purchase of a property |
| Depreciation | Decrease in the value of an asset associated with the decline in its remaining useful life |
| Down payment | Portion of the purchase price that is not borrowed |
| Equity | Monetary value of a property minus the amount owed on the property |
| Homeowner’s Association dues | Monthly or yearly fees that pay for the maintenance of shared areas and necessary repairs throughout the community |
| Homeowners insurance | Covers damage or loss of the structure and contents, plus liability in case others are injured on the property |
| Landlord | The person who owns the property |
| Leasing | Renting a product while ownership title remains with the lease grantor |
| Mortgage insurance ce) | Protects the lender in case a mortgage loan payment cannot be made and the lender has to take the property back through a process known as foreclosure (also known as private mortgage insurance) |
| Mortgage | A loan for the purchase or real estate |
| Real estate agent | Licensed individual representing a buyer or seller in a contractual transaction to purchase real property |
| Rent | The price paid for the use of someone else’s property |
| Rental agreement | A contract specifying the tenant’s and landlord’s legal responsibilities |
| Renter’s insurance | An optional (but important) purchase that covers da mage and or loss of personal property and liability in a rental home |
| Security deposit | Money paid to a landlord to cover potential cleaning costs at the end of the lease, as well as any damages the property suffered during occupancy |
| Special assessments | Fees collected by the local city government for utilities, road maintenance and other services such as fire protection and street lighting |
| Tenant | A person who rents the property |
| Advocacy | The act or process of writing or speaking in favor of, or about a cause |
| Altruism | The principle or practice of unselfish concern for the welfare of others |
| Crowd Funding | The practice of funding a project or venture by raising small amounts of money through donations from a large amount of people, typically raised via the Internet |
| Estate Plan | A clear outline for what should happen upon death of an individual |
| Expense | Money spent |
| Healthy Giving | When an individual gives out of excess in his or her life and the act provides positive emotions for both the giver and receiver. |
| Philanthropy | The desire to promote the welfare of others, expressed especially by the generous donation of time and/or money to worthy causes |
| Pro‐Social Spending | Money spent on others |
| Public Service Announcement (PSA) | Print advertisement or broadcast commercial on TV or Radio, intended to change attitudes by raising awareness about specific issues |
| Resources | Anything that can be utilized to meet an objective. It can include human capital, money, time, emotion and more. |
| Social Capital | Personal investment of time through social interactions that builds trust and enables participants to act together more effectively to pursue shared objectives |
| Social Enterprise | An organization that applies commercial strategies to maximize improvements in human and environmental well‐being, rather than maximizing profits for shareholders. |
| Time Utility | Concept that refers to satisfaction received from time given up |
| Unhealthy Giving | Produces diminished well‐being for both the giver and the receiver. |
| Utility | Measure of satisfaction |
| Value | A fundamental belief or practice about what is desirable, worthwhile, and important to an individual |
| Asset | A useful or valuable thing, person, or quality |
| Beneficiary | A person or institution who derives benefits from the creation of a trust, proceeds of an insurance policy, bond, or retirement fund when the owner dies. There can be one or more beneficiaries |
| Charity | A non‐profit organization |
| Decedent | The person who died |
| Estate | The real and personal property that a person owns |
| Estate Planning | Provides a clear plan for what should happen upon the death of an individual |
| Executor | A person or institution named in a will to carry out the settlement of an estate. This person or institution pays the debts, manages the property and later distributes it according to the provisions of the will. Also known as a Personal Representative |
| Fiduciary | Someone entrusted with managing an estate; includes executor, guardian, conservator and trustee |
| Gift | A lifetime transfer of property without receiving payment |
| Guardianship | Established by a legal document called a will |
| Guardian | A person legally charged with the duty of taking care of another who, because of age intellect, or health, is incapable of managing his or her own affairs. |
| Letter of Last Instruction | A signed letter that provides a detailed inventory of assets and liabilities, describes personal preferences about transfers of many odd pieces of personal property, and contains funeral and burial instructions |
| Liability | Any money that a person owes others |
| Living Will | A legal document that expresses a person’s wishes regarding prolonging his or her life by artificial, extraordinary, or heroic measures when death is inevitable |
| Personal Property | Property owned by the deceased individually, such as a car, jewelry, stocks |
| Testator | A man or woman who makes a will |
| Time Utility | Concept that refers to satisfaction received from time given up |
| Value | A fundamental belief or practice about what is desirable, worthwhile, and important to an individual |
| Will | A written document representing the instructions of the deceased for the distribution of the estate |
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