Personal Finance Midterm Vocab

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annuity

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Finance

11th

22 Terms

1

annuity

series of equal regular deposits

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2

assets

owned items value, such as cash, real estate, personal possessions, investments

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3

career

a commitment to work in a field that is found to be interesting and fulfilling

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4

deficit

financial situation that occurs when more money is spent than received

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5

down payment

portion of the total cost of an item that must be paid at the time of purchase

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6

goals

the things one wants to accomplish

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7

good

physical item that is produced and can be weighed or measured (IPhone, clothing, books, food)

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8

interest

the price that is paid for the use of another’s money

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9

internship

a position in which a person receives training by working with people who are experienced in a particular field

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10

job

work done mainly to earn money

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11

liabilities

debts that one owes

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12

market value

the price at which property would sell

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13

mission statement

a formal summary of the aims and values of a company, organization, or individual

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14

networking

the action or process of interacting with others to exchange information and develop professional or social contacts

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15

net worth

the difference between the amount you own and the debts you owe

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16

pension plan

an employee benefit that commits the employer to make regular contributions to a pool of money that is set aside in order to fund payments made to eligible employees after they retire

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17

principal

the original amount of money on deposit

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18

resume

a document created and used by a person to present their background, skills, and accomplishments

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19

service

a task a person or machine performs for you (salon, car wash, lawn mowing)

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20

service contract

a business agreement between a contractor and customer covering the maintenance and servicing of equipment over a specified period

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21

take home pay

amount of income left after taxes and other deductions are subtracted from gross pay

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22

warranty

a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time

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