| A | B |
|---|
| 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. |
