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Financial literacy
| Term | Definition |
|---|---|
| Charitable Donation | generous gift of money or time to a person or organization |
| Fixed Income | same amount of money earned on a set interval basis, such as monthly or quarterly |
| Variable Income | amount of money earned is not the same each pay period |
| Fixed Expense | bill, such as monthly rent, which is the same each month |
| Variable Expense | bill, such as a utility bill, which is a different amount each month |
| Discretionary Expense | money without a specific purpose left over each month after all bills have been paid |
| Take-home Pay | amount of a paycheck one gets to keep after taxes and other deductions are taken out |
| Direct Mail | mail, usually consisting of advertising material and requests for donations, sent to a large number of possible customers or contributors at one time |
| Identity Theft | stealing of a person’s financial information, such as credit cards and Social Security number, with the intent to make purchases under the person’s identity |
| Scam | phony business deal created to get money from people with intention of giving anything in return |
| Solicitations | requests for money, services, donations, etc. |
| Compulsive Behavior | strong, usually irresistible impulse to perform an act against a person’s usual behavior |
| Impulse | sudden, involuntary inclination prompting one to take an action which is not well thought-out |
| Billing Cycle | schedule of recurrent times in any regular system of preparing or sending bills |
| For-profit | (business or institution) initiated or operated for the purpose of making a profit |
| Nonprofit | not established for the purpose of making a profit |
| ATM Withdrawals | cash withdrawn by using a debit card and entering a PIN in an ATM |
| Checkbook Register | log of deposits and withdrawals from a checking account |
| Closing Balance | balance of an account on the day the bank runs the bank statement |
| Deposit | money put into an account |
| EFT | acronym for electronic fund transfer; money transferred from one account to another without a person having to manually write a check or make a deposit |
| Itemization | specific listing of individual pieces or units of information |
| Opening Balance | (of a statement) balance of an account on a current month’s statement; used as the ending or closing balance in the previous month’s statement |
| Withdrawals | moving money from an account, whether paying expenses, making transfers to other accounts, getting money from an ATM or making purchases |
| Reconciliation | balance bookkeeping account information to be consistent with the bank’s bookkeeping of the same account information |
| Convenience | anything which saves or simplifies work, adds to one’s ease or comfort, etc. |
| Encryption | conversion of a message, information, etc., into code |
| Firewall | integrated collection of security measures designed to prevent unauthorized electronic access to a networked computer system |
| PIN | acronym for personal identification number; number chosen by an account holder which gains access to various accounts |
| Technological-based Services | services which are delivered via a form of technology such as the Internet |
Created by:
Jonathan Rodriguez 101
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