Personal Finance Final Review

Health

The condition of your body and mind.

Time Management

The ability to use time effectively and productively to accomplish goals.

Abilities

Natural or acquired skills/talents.

Cost of living

The amount of money needed for essential expenses.

Budget

An estimate of income and expenses for a period of time, expenses = expenditures.

Take home pay

Amount received after tax/insurance/other deductions from a salary.

Landlord

A person who rents property to a tenant, they own the land/building.

Lease

A contractual arrangement outlining the terms of one party renting from another.

Collision Insurance

Optional auto coverage that covers costs if a vehicle is damaged.

Liability Insurance

Protection against claims resulting from injuries or damage.

Comparison Shopping

The practice of evaluating the prices and features of multiple products pre-purchase.

Warranty

A written agreement given to the consumer Incase a prepare/replacement is needed.

Balancing a Checking Account

Tracking every bank transaction and comparing them to outstanding written checks and deposits.

Overdrafts

A deficit in a bank account.

Creditor

A person/organization to whom money is owed.

Principal

A sum of money borrowed on which interest is charged.

Credit Report

A statement created by a credit agency that summarizes information about a consumer’s credit activity status.

Lien

A right to reclaim possession of property belonging to another until a debt is paid.

Apprenticeship

A program where a student learns a skill by working under a certified expert.

Internship

A work opportunity offered by an organization for a fixed and short period of time.