FinLit10 - My Sets Combined

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Terms in this set (56)
Cubic Foot of Gasthe basic unit of measurement for gas; the amount of gas that would fit in a box measuring 1 ft. x 1 ft.x 1 ft.CcFone hundred cubic feetMcFone thousand cubic feetKilowatt Hour (Kwh)basic unit of energy used to buy electricity = 1,000 watts used for 1 hourConservationan attempt to use less of a resource like water, gas, or electricityEfficiencydescribes how well time or effort is used to get something done. (e.g., light bulbs that use less energy to light the same amount of space are considered more energy efficient)Billing Periodthe period of time for which you are being billedNet Amount Dueactual amount due for utilities after any deductions are taken outGross Amount Dueamount due for the utility services usedBudget Payment Planprogram allowing you to pay an equal amount each month of the yeareBillwhen the bill is sent by email instead of in the mailePaypay your bill onlinesavingputting money aside to use later.principalthe initial amount of money saved or borrowedinterestmoney paid or charged for the use of someone else's moneysavings ratepercentage of income that a person saves; your savings rate should be at least 10%financial securityhaving enough money to meet your current and future needsemergency fundmoney saved for unexpected occurencesfinancial responsibilityaccepting the consequences of your earning, saving and spending behaviorPay Yourself FirstSaving a portion of every paycheck BEFORE using any of the check for spending.incomemoney coming in; money you are gettinggross payamount you earn before deductions (like taxes); a.k.a. "gross income"deductionsthe amount of money withheld from a paycheck, such as federal taxes, Medicare, and Social Securitynet payamount you earn (gross pay) minus deductions (e.g., taxes) a.k.a. "gross income" or "take-home pay"expensemoney out; amount of money you spend for a particular purposefixed expensesexpenses that are same every month (the amount doesn't vary Example: rent, car payment, insurance premium)variable expensesexpenses that can change every month (you have control over how much you spend on the category; examples: entertainment, clothing)surplusthe amount by which income exceeds expenses in a budget; income not budgeted for expenses (often allocated in a budget to additional savings or "discretionary income")deficitthe amount by which expenses exceed income in a budgetdiscretionary incomeincome that is left over after a consumer's basic needs have been metinterestmoney paid for the use of someone else's moneyaccumulated interestinterest already earned and added to the accountsimple interestinterest paid on the principal alonecompound interestinterest calculated based upon the original principal deposited AND the accumulated interestAPY"Annual Percentage Yield" an annual rate of interest taking into account the effect of compounding interestterma period of timematurity datethe date when a financial obligation must be repaidearly withdrawal penaltya payment required for withdrawing money from a CD before its maturity datesavings accounta bank deposit account that allows small deposits; savings accounts earn low interest rates, but you can withdraw or deposit funds at any market deposit account (MMDA)a bank deposit account that pays the depositor interest based on current interest rates in the money markets; MMDAs offer higher interest rates than savings accountscertificate of deposit (CD)an interest-earning account that cannot be withdrawn for a certain "term" (unless a penalty is paid). CDs require higher initial deposits ($500+), but typically earn higher interest rates than savings or MMDAchecking accounta bank account that allows withdrawals by writing checks; usually pay little or no interest.share accountchecking accounts offered by credit unionsshare deposit accountsavings account offered by credit unionsFDICFederal Deposit Insurance Corporation insures most "bank" accounts up to $250,000 per depositor per bank (NCUA insures most Credit Union accounts)NCUANational Credit Union Administration insures savings in federal and most state-chartered credit unions up to $250,000 per depsositor per bank

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