Personal Finance Vocab Words

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Personal Finance
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Terms in this set (40)
Personal Finance
all the financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time
Consumer
A person or organization that uses a product or service
Debt
money owed to another person or company
Credit
The granting of a loan and the creation of debt; any form of deferred payment
Budget
a written plan for giving, saving, and spending
Income
money received for work, as a gift, or through investments
Fixed Expense
expense that remains the same from month to month
Variable Expense
expense that varies in dollar amount from month to month, but that you can expect to have every month
Zero Based Budget
A cash flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero
Cash-Flow Statement
a record that summarizes all of the income and outgo (spending) over a certain time period
Unemployment Rate
The percentage of the labor force, or a specific demographic, that's jobless and looking for work
Postsecondary Education
all education that takes place after high school, including university, college, community college, certification, or trade school
Bachelor's Degree
An undergraduate degree from a college or university, usually completed after four or five years of study
Prerequisite
a course that needs to be completed before a student can enroll in a second course
Associate Degree
a two- or three-year, postsecondary, undergraduate degree