rotc dump

rescind prevention :(

Principal of a loan

The original amount of money borrowed in a loan.

Newer vehicles

Higher purchase prices and newer technology.

Payday loan

Short term, high cost.

Out-of-pocket

To pay with one’s own money rather than with money from another source.

Fair-market value

The estimated value of an item based on current conditions.

Annuity

A contract with an insurance company where you make payments and receive regular disbursements in the future.

Windfall

An unexpected profit or gain of money.

Dependent

Someone who depends on the taxpayer for support.

Closing costs

Expenses for the paperwork and process to officially take ownership.

Cosigner

A person who pledges to pay back the loan if you do not.

Simple interest formula

Interest = Principal * Interest Rate * Time.

401(k)

A retirement account offered through employers is called a 401(k).

Itemized Deductions

Expenses that can be subtracted from adjusted gross income to reduce taxes owed.

Beneficiary

The person who will receive the payout after you pass away.

Budget

A plan that helps you manage how much money you earn and spend.

Refinance a loan

To pay off a loan with another loan, usually at a lower interest rate.

Brig

Naval military prison.

Compound interest

Interest you earn on your money and the interest it already earned, usually monthly or yearly.

Risk in investments

The chance of investments declining in value rather than growing.

T in the Interest Formula

Time (number of years).

Net Price Calculator

The tool that allows families to see an estimated financial aid package.

Gamma Rays

Waves with the highest energy and shortest wavelength are called gamma rays.

ROI

The higher the ROI, the better a financial bet the school is on average.

Ransomware

Malware that blocks access to a computer until a ransom is paid.

Premium

The price for insurance coverage based on your risk profile.

Morale

The readiness of a unit, trust in leaders, and morale.

Chain of command

The hierarchy of reporting relationships in an organization.

Chief of Naval Operations

Navy shore activities and operating forces' senior military officer.

Paystub

Net pay, deductions, and taxes paid can be found on the paystub.

Accountability

A leadership trait involving taking responsibility for actions and decisions.

FAFSA

The purpose of FAFSA is to determine eligibility for financial aid from federal/state sources.

ardent

Enthusiastic and passionate.

Deferral

A delayed admission decision for candidates who apply through early application process.

Roth IRA

A retirement account where contributions are taxed upfront, but withdrawals are tax-free.

Apprenticeship Program

You get paid while gaining hands-on experience under a skilled professional.

spending log

Keeps track on spending.

liquidity

The ease at which an asset can be converted into cash

asset

Property owned by a person or company regarded as having value

return

The money made or lost on an investment over some period of time

Health Reimbursement Arrangement

Employer-funded plan that reimburses employees for qualified medical expenses

Comprehensive

Covers damage to your vehicle from causes other than collision

Purpose of tax deductions

Lower gross income

Actual cash value

Cost value of house plus belongings with deduction of depreciation

CD

Certificates of Deposit

Liability

The state of being legally responsible for something

APR

Annual Percentage Rate

Escrow

A legal arrangement where a third party temporarily holds money in a separate account until needed

Grace period

The amount of time before interest starts accumulating on charged purchases

Debt-to-income ratio

Compares how much you owe each month to how much you earn

Withhold

Deduct money for taxes from an employee’s paycheck and send it directly to the government

Trojan

Malware that provides remote access to an attacker

Core values

The deeply ingrained principles that guide a company’s actions

Phishing

Email-based attack to acquire access to passwords and sensitive information

Spear Phishing

A specific phishing method that targets specific individuals or groups

Deductible

The amount you pay out of pocket each year for eligible medical services before your health plan shares costs

The two types of disability insurance

Short term and long term disability