Terms for Unit 6: Budgeting
Terms in this set (22)
A plan for making, saving, and spending money.
A set amount of money paid to an employee for a set period of time worked. You paid the same no matter how many hours you work.
An amount of money paid to an employee at a specified rate per hour worked. If you work more hours, you will be paid more.
The total amount of money you earned for your work.
The amount of money you have left, after deductions. Also known as take home pay.
Services needed to make a house or apartment functional such as hot water, electricity, phone, etc.
Money leftover after you've paid for all of your expenses.
A shortage of money because you've spent more than you earned.
The price of a certain unit of an item (per pound, per ounce, etc.).
A fee paid to an insurance company on a regular basis for coverage
A set amount that must be paid by the patient for each benefit period before the insurer will cover additional expenses.
A fixed fee paid by the patient for an office visit or prescription.
Affordable Care Act
Congressional act aimed at increasing the rate of health insurance coverage and reducing the overall costs of health care.
A contract granting use of property during a specified time for a specified payment.
A federal student loan on which the government pays the interest while you're in college.
A federal student loan on which interest begins accruing immediately, even while you're still in school.
Temporary postponement of your student loan payments. Interest will NOT accrue on subsidized loans in deferment but will accrue on other types of loans.
Temporary postponement of your student loan payments. Interest accrues on all loans in forbearance.
Optional spending on your wants, as opposed to needs.
A contract in which the user regularly pays a specific amount for coverage, and the insurance company provides funding when the policy is used. Ex: health insurance, renter's insurance, car insurance, etc.
Federal student loan
Loan granted by the federal government specifically for students to attend post-secondary school. Terms are set universally for all applicants.
Private student loan
Loan granted by a bank or credit union for students to attend post-secondary school. Terms are set on an individual basis.
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