| A | B |
|---|
| Abilities | Natural or acquired skills or talents. |
| Benefits | Entitlements, such as health or life insurance, available in accordance with a wage agreement, insurance policy, or program |
| Career | A chosen pursuit, profession, or occupation. |
| Cover Letter | A letter you send with your resume to provide more information about you. |
| Entry Level | Indicates a job accessible to a person who is inexperienced in a paticular field |
| Resume | A brief account of one's work experience and qualifications |
| Skills | Proficiency acquired through training or experience. |
| Standard of Living | A level of material comfort as measured by goods, services, and luxuries. |
| Budget | An itemized summary of probable expenditures and income for a given period. |
| Deficit | The amount by whic expenditures exceed income. |
| Expenditure | An amount of money spent. |
| Fixed expense | An unchanging expenditure. |
| Flexible expense | An expenditure that varies. |
| Income | Money received. |
| Savings | Money that is not spent. |
| Surplus | AN amount of money remaining after all expenses have been met. |
| Take-home pay | Money received after all adjustments and deductions are made. |
| Landlord | The company or individual that owns an apartment |
| Lease | A legal document signed by both the tenant and the landlord that contains the terms of the agreement. |
| Security Deposit | A sum of money usually equal to one month's rent, held by the landlord to cover any damage to the apartment caused by a tenant. |
| Tenant | The person renting the apartment. |
| Unit | One individual apartment. A large apartment building may contain 20 or more units |
| Utilities | Items and services needed to make a house or apartment functional such as hot water, electricity, natural gas, phone service, and cable service. |
| Annual Percentage Rate (APR) | A number calculated by taking into account the total cost of the loan, including what the borrower will pay in interest; this makes it easier to compare different loan offers |
| Collision Insurance | THis covers the car of the insured person and pays for repars after an accident or cash compensation if the car can't be repaired. This type of coverage is usually optional. |
| Liability Insurance | This compensates an injured party up to a certain amount outlined in the policy statement. This type of insurance ensures you will be able to pay for any damages you cause. |
| Loan | An amount of money given to the borrower for a set period of time. Payments are usually made ofver a series of months and contain the principle and interest. |
| No-Fault Auto Insurance | A system under which drivers must have coverage for their own protection. It also limits the damages for which an injured party can sue. Unde this system, after an accident, both parties would be covered by their own insurance. |
| Comparison Shopping | Looking for the same product in multiple stores to find the best price, or to find the best product. |
| Contract | An agreement between a buyer and a seller. |
| Primary Need | Something that you must have to live from day to day, like food, shelter, and clothing. |
| Recall | The voluntary or involuntary removal of a dangerous product from the market. |
| Secondary Need | Something that can help you improve your day to day life, like a computer, car, or television. |
| Value | What you think the purchase is worth to you personally, takin into considerain how it will help to improve your life. |
| Want | Something that won't help you live from day-to-day, like jewelry, video games, and soda. |
| Warranty | The seller's promise to fix or replace the product if something goes wrong. |
| Automatic Teller Machine (ATM) | A bank machine that gives out cash from your account and accepts deposits around the clock. |
| Balancing a Checkin Account | Calculations that are made to determine the difference between the payments from and the deposits to a checking account |
| Bank Statement | Monthly printout from your bank that shows all transaction in your accounts. |
| Check | A debit against your checking account written on a paper form. |
| Check Cashing Service | Business that charges a fee to cash a check such as a paycheck. Banks will provide this service for free to their customers. |
| Check Register | The book in which you keep records of checks, deposits, debit card transactions, and ATM withdrawals. |
| Debit Card | Like a credit card, but directly attached to a checking account, and can be used with a PIN to pay for items at a store. |
| Direct Deposit | An automatic deposit of a paycheck without having to take a physical check to the bank. |
| Fees | Service fees for use of the checking account, built into the service agreement |
| Interest-bearing Checking Account | A checking account that pays interest on the balance. |
| Overdrafts | Amounts withdrawn from your account beyond the money the account held. |
| Payday Loan | A loan where a borrower gets a cash advanced based on his paycheck. These loans generally must be repaid on the next payday. |
| Credit | Making purchases now and paying for them later. |
| Credit Card | A plastic card used to make purchases now and pay for them later. |
| Creditor | Any bank or business that extends credit to others; a lender. |
| Debtor | Anyone who owes money, a borrower. |
| Finance Charge | A fee for borrowing money, added to a monthly credit card bill. |
| Interest Rate | The fee, expressed as a percentage, a borrower owes for the use of a creditor's money. At an interest rate of 10%, a borrower would pay $110 for $100 borrowed. |
| Introductory Rate | A temporary interest rate, advertised as a low APR to entice customers to apply for the card. |
| Late Fees | Additional fees that can be added to a credit card bill if the card holder fails to make at least the minimum payment by the due date. |
| Minimum Payment | The smallest required payment that a credit card holder can pay on a monthly bill and still |
| Principal | The amount of money borrowed. On a credit card bill, it is the purchase price of all items bought with the card. |
| Bankruptcy | When a debtor's assests are sold to settle unpaid debts and the debtor is no longer responsible for further debt beyond what was recovered. |
| Credit History | Asummary of a person's borrowing and repayment history. |
| Credit Report | A report on a person's creditworthiness that includes indentifying information, credit cards, late payments, bankruptcies, and savings balances. |
| Fair Credit Reporting Act (FCRA) | Federal law giving consumers the right to view and correct their credit information. |
| FICO Expansion Score | A creditworthiness socre, like the regular FICO score, has a scale of 300-850, but is based on nontradional accounts and financial information sources and is designed for young persons, new immigrants, aor others without a traditional credit history. |
| Fico Score | Credit scroe from 300-850 that rates how likely a person is to fall 90 days behind in a payment |
| Foreclosure | When a bank takes back a property and auctions it off to recover the unpaid loan amount. |
| Installment Loan | Loan with equal number of payments of the same amount over a fixed period of time. |
| Lien | A promise to reclaim an item bought with loaned money if the loan is not repaid. |
| Account Transfer | Making an online transfer of money; for example, from a savings acoount to a checking account. |
| Fraud | When a criminal uses trickery to convice someone to give up valuable information or items of value. |
| Identity Theft | When a criminal opens a credit card with another persons name and social security number, charges merchandise, and leaves the victim with the unpaid bill. |
| Phising | When a criminal sends an e-mail using a scheme to get you to divulge your personal information. |
| Recurring Payments | Automatic payments a customer can set up, such as to pay for car insurance or cell phone service. These payments can happen every month, even though they are set up only once. |
| 1040EZ | The quick tax form most often used, in paper or online, for those with uncomplicated tax situations. |
| 1099INT | Report on interest income sent from the bank to both the IRS and taxpayer for savings account interest. |
| 1099MISC | Report of income made to the IRS and the taxpayer for any money paid by the job, instead of as a salaried emplyee. |
| Gross Income | The total income, before deductions, made in a year |
| Income Tax | Tax paid to the state, federal, and local governments based on income earned over the past year. |
| Standard Deduction | The amount of deduction given for those not claimed as a dependent on a parent's taxes. |
| Tax Audit | A review of a tax return by the IRS in which the taxpayer must show proof of all deductions, expenses, and income. |
| Tax Deduction | A donation or expense that reduces the taxable income amount. |
| Tax Exemption | A number that includes the taxpayer and any dependents. |
| Tax Refund | A check returning the taxpayer's money to them after tax returns are filed and the overpaid tax is determined. |
| Tax Table | The table in the 1040EZ booklet sowing levels of income on one side and the tax owed on the other side. |
| W2 | Report sent from te employer to both the IRS and the employee, showing gross income, total taxes paid, and total voluntary deductions. |
| W4 | The withholding form each new employee fills out, stating the number of exemptions. The more exemptions listed the less withholding tax will be taken from the paycheck. |
