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Personal Finance
Vocabulary study set for our Consumer Math final exam
Term | Definition |
---|---|
Bank | A place that keeps people's money safe/Helps people plan and manage their money (financial advisors) |
Loan | Money that people borrow from a bank to purchase something, they have to pay it back every month for a period of time |
Credit Card | People temporarily borrow money to pay for something. They have to pay back the money each month. |
Deposit Box | Actual locked box that you hold the key for. Put valuables in to keep safe. |
Checking Account | A bank service where people keep money that they will use often. |
Check | A piece of paper that is equal to cash and keeps a record. |
Check Register | Record of money being deposited and withdrawn from an account. |
Withdraw | Taking money out of your account |
Deposit | Putting money into your account |
ATM | Automated Teller Machine, you can withdraw money, deposit money or checks, and check balances. |
Credit | Borrowing money to buy something and paying the money back later |
Credit Report | Provides a snapshot of you money habits |
Creditworthiness | how trustworthy you are about repaying borrowed money |
Equifax, TransUnion, Experian | Credit Agencies |
Credit Score | A score that tells how well you handle money |