Personal Finance Vocabulary PDF
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Summary
This document provides a vocabulary list related to personal finance, defining key terms such as budget, gross income, net income, and different financial institutions. It explains concepts like credit and credit cards, and discusses credit reports and scores.
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Personal Finance Vocabulary Budget A plan for making and spending money Gross Income The total money you earn before any taxes are taken out or bills are paid Net Income The money you have left after you pay all your bills and expenses Bank An institution for receivin...
Personal Finance Vocabulary Budget A plan for making and spending money Gross Income The total money you earn before any taxes are taken out or bills are paid Net Income The money you have left after you pay all your bills and expenses Bank An institution for receiving, keeping, and lending money Credit Union Like a bank, but it’s a non-profit financial institution that is owned by its members Debit Card A bank card that takes money straight from your bank account when you buy something Credit When a customer can get things now and pay for them later, because the seller trusts the customer will pay in the future Credit Card A plastic card used to make purchases now and pay for them later Credit Report A detailed report of how well someone has paid back money they’ve borrowed in the past Credit Score A number that shows how good someone is at paying back money they’ve borrowed. It ranges from 300 - 850.
