| A | B |
|---|
| will | disposes of a person's property at death |
| real estate | a from of investment, land and any buildings on it |
| mutual fund | professional managed group of investments bought using a pool of money from many investors |
| commodities | a risky form of investment, quantities of goods such as grain, precious gems, minerals |
| dividends | earnings on stock |
| risk v reward | the greater the potential risk, typically the greater the potential reward (earnings) |
| simple interest | principal x rate x time (period) |
| fixed expenses | costs you obligated to pay a specific times, regardless of other events, typically amounts do not change much |
| variable expenses | costs that vary in amoutna nd type, depending on events and choices you make |
| liquidity | the ability to an asset to be converted into cash quickly and without loss of value |
| budget | plan to match expected income with expected expenses |
| Federal Income Tax filing deadline | April 15 |
| maker (on a check) | the person authorized to write checks on the (checking) account |
| payee | the person or company to whom the check is made payable |
| written amount | shows the amount of dollars and cents being paid WRITTEN IN WORDS |
| numeric amount | shows the amount of dollars and cents being paid, written in FIGURES |
| reconciling/reconciliation | process of matching checkbook balance with bank statement balance |
| House of Representatives | where all bills for raising revenue must originate, according to the US Constitution |
| audit | an examination of tax returns by the IRS |
| dependent | person who lives with you and receives support from you |
| regular pay calculation | 40 hours per week x rate of pay |
| overtime calculation | hours >40 per week x 1.5 |
| gross pay | total amount earned, including regular pay and overtime, before deductions |
| net pay, aka take home pay | total amount earned, including regular pay and overtime, AFTER deductions |
| Form W-2 | summary of income you earned AND all amounts the employer withheld for taxes. This form is filed with the IRS |
| Form W-4 | form filled out by EMPLOYEE that determines the amount the EMPLOYER will withhold for taxes |
| resume | a summary of information about you, including education, skills and experience |
| experience | knowledge and skills acquired from working in a job field |
| self-analysis | lists your personal strengths and weaknesses to help you prepare for a career |
| phishing | a method of getting personal information used by scammers |
| credit report | written statement issued by a credit bureau that contains important credit facts about a consumer |
| Consumer Credit Protection Act | legislation that limits liability for a stolen credit card to $50.00, if the theft is reported |
| capacity | the financial ability to repay a loan with present income |
| good credit rating | bills are paid on time |
| excellent credit rating | bills are paid ahead of time, more than the minimum is paid |
| Consumer Credit Protection Act | legislation that requires full disclosure of ALL costs of credit, including finance charge(s) and annual percentage rate |
| principal | the amount borrowed |
| interest | money paid for the use of money |
| HIPPA | legislation protecting privacy and use of medical records |
| FERPA | legislation protecting privacy and use of student records |
| redress | resolution of a consumer complaint/problem, first step is to contact the seller |
| pyramid scheme | distributors are promised commissions from their own sales, and those of other distributors they recruit |
| rent-to-own | legal scheme offered by some businesses whereby consumers pay a VERY high price for appliances, furniture and electronics because the consumer first rents and then buys the item |
| identity theft | scam artists get your personal information and open a new credit card account, phone account or checking account |
| lease | written agreement to occupy/use property, typically for at least 12 months, must be renegotiated at the end of the term |
| implied warranty | guarantees imposed by LAW that are NOT stated orally or in writing AND require certain standards to be met. |
| Consumer Bill of Rights | proposed by President Kennedy, outlines consumer rights |
| recall | process by which a manufacturer stops production and refunds the purchase prices of an item already sold |
