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Real Life Unit Vocab Terms

Terms in this set (16)

taxes
Fees paid to the goverment
net worth
The difference between your assets and liabilities
expense
money paid for a good or service
savings
money accumulated for a later use
liability
The debts you owe that have a negative cash value
asset
things you own that have a positive cash value
budget
A plan to help you reach your financial goals.
income
Money paid to someone for goods, services, or investments
variable expense
expenses that occur regularly but the amount can be different
fixed expense
expenses that happen regularly and are the same amount
simple interest
A fixed % of money paid or earned on a principal amount borrowed or saved
compound interest
A fixed % of money paid or earned on a principal and previously earned or paid interest
credit
The trust which allows one party to provide $ or resources to another party in which they do not repay it immediately
debt
Money, goods, and services that is owed or due to someone else
bankruptcy
A way to help consumers and businesses get rid of their debt and repay their creditors (there are penalties attached)
insurance
A contract represented by a policy where one gets financial protection against losses.
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