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JA FinancePark Vocab

TermDefinition
Abilities The things you do well
Annual fee A yearly fee.
Aptitudes Your natural talents.
APR Annual percentage rate is the amount of interest charged for any unpaid balance.
Bank A for-profit institution that offers personal loans, mortgages, and other services.
Bankruptcy A legal process that gives a debtor protection from creditors.
Bond An IOU issued by a company, municipality, or the federal government in exchange for a loan from an investor that will be repaid with a set rate of return.
Budget A record of income and spending and a plan for managing money.
Career cluster A grouping of jobs and industries related by skills or products.
Cash Money in the form of bills or coins.
Check A written order for a bank to pay money.
Compound interest Interest on the principal and the accumulated interest on a deposit or a loan.
Credit The amount of financial trust extended to a person or a business by a lender; a loan.
Credit card A card authorizing the holder to buy goods and services that can be paid for later.
Credit limit The maximum a cardholder can borrow. It is recommended that cardholders keep a balance of no more than 25 percent of the credit limit.
Credit report A record of a person’s financial information, including previous addresses, Social Security number, current and previous employers, estimated income, credit card accounts with amount owed and payment history, and loan information.
Credit score A standardized measurement of the potential to repay a debt.
Credit union A not-for-profit cooperative that offers bank services and is owned by its members.
Debit An amount deducted from a bank account.
Debit card A card that looks like a credit card but operates like cash; money is immediately subtracted from the cardholder’s bank account when a purchase is made.
Debt Money owed.
Deductible/co-pay Money paid out of pocket before insurance covers the remaining costs.
Discretionary income Money available to spend on goods and services that are not essential.
Dollar-cost averaging A method of investing a fixed amount in the same type of investment at regular intervals, regardless of price.
Expenditures Money that is spent on goods, services, and bills.
Finance charges The cost of credit—the fees and interest charged to finance the unpaid balance.
Financial institution A business that provides money-related services.
Fixed cost A business cost that remains the same, such as rent.
Fixed expenses Expenses that do not change from month to month, such as auto insurance or rent.
Foreclosure A legal process in which a lender takes possession of mortgaged property from a mortgage holder who failed to make payments.
Impulse buying Making a purchase based on an immediate want or due to the pressure of advertising.
Income Money received on a regular basis for work or through investments.
Income tax A portion of one’s personal income paid to a government.
Insurance policy A contract that outlines coverage plans and protects a person against financial loss or damage.
Interest A fee received or paid for the use of money.
Interests The things you like and enjoy doing
Minimum payment due The smallest amount that can be paid to meet loan requirements.
Mobile banking A wireless service that allows financial transactions by using an app or Web browser from a mobile device.
Mutual fund A collection of stocks or bonds of various corporations.
Needs Goods or services that people cannot survive without, such as water, food, shelter, and clothing.
Online banking An electronic way to view account activity and pay bills via the Internet and an institution’s website.
Opportunity cost The next best alternative given up when making a financial choice.
PayPal An online payment service that allows consumers to transfer money electronically.
Pay Yourself First (PYF) To automatically save a specified amount from a paycheck for future use.
Premium The amount paid for an insurance policy.
Previous balance Amount still owed from purchases prior to the current 30-day charge cycle.
Principal The amount of money originally invested.
Risk The possibility of financial loss or physical harm.
Savings account An interest-bearing account where people put money for future use.
Scarcity The economic condition of limited resources that prevents people from having everything they want.
Short-term goals Plans that can be accomplished within three months to a year.
Simple interest Interest that is paid only on the original principal.
Social Security A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.
Stock A share of a corporation sold to the public.
Taxes Required payments to a government.
3Cs of credit The factors that determine a credit score: character; capacity to repay; and capital, or what a person owns.
Values The ideals that are important to you and your career choice.
Variable cost A business cost that increases or decreases, such as labor.
Variable expenses Expenses that vary from month to month, such as entertainment, car repairs, or doctor bills.
Wants Goods or services that make people more comfortable or content but which are not necessary for survival.
Internet Bank A Web-only bank.
Invest To commit money to gain a profit or earn interest.
Long-term Goals Plans that take a year or more to accomplish.
Market research Gathering consumer preferences for products and services.
Medicare A social insurance program that extends health coverage to almost all Americans age 65 and over.
Created by: Brady Lawhorn
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