| A | B |
|---|
| Annual Fee | A yearly fee that's charged by the credit card company for the convenience of the credit card |
| Annual Percentage Rate (APR) | cost of borrowing money on an annual basis takes into account the interest rate and other related fees on the loan |
| Credit Card | Type of card issued by a bank that allows users to finance a purchase |
| Credit Report | A detailed report of an individual's credit history |
| Credit Score | A measure of an individual's credit risk; calculated from a credit report using a standardized formula |
| Debt snowball | Preferred method of dept repayment; including a list of all debts organized from smallest to largest blance; minimum payments are made to all debts expect for the smallest, which is attacked with the largest possible payment |
| Depreciation | A decrease or loss in value |
| Introductory Rate | An interest rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time. |
| Loan Term | Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term |
| Tax deduction | An expense, such as a charitable contribution, that can be deducted form one's taxable income |
| FAFSA (Free Application for Federal Student Aid) | A form that is completed annually by current and prospective college students to determine their eligibility for financial aid |
| Grant | A form of federal or state financial aid that does not need to be repaid; usually given to student show demonstrate financial need |
| Scholarship | A form of finanical aid that does not need to be repaid, usually awarded on the basis of academic, athletic or other achievements |
| Work Study | A program that allows students to work part time while continuing their studies |
| Good Debt | A money myth that portrays student loans as the only financial option when it comes to funding one's college education |
| Associate's Degree | An undergraduate academic degree awarded by colleges upon completion of a course of study lasting two years |
| Mentorship | A developmental partnership through which one person shares knowledge, skills, and perspective to foster the personal and professional growth of someone else |
| Trade School | A type of higher learning school that focuses on job skill training for specific career fileds rather than academics in liberal arts |
| Branding | The promotion of a product or service by identifying it wiht distinct characteristics usually associated with public perception, quality, or effectiveness |
| Brand Recognition/Awareness | Refers to the public's ability to recall and recognize a brand by its logo, jingles, packaging, etc. |
| Buyer's Remorse | Feeling regret or concern after making a large purchase |
| Caveat Emptor | Latin term for buyer beware |
| Financing | To buy an item with credit paying over time |
| Marketing | The process of communicating the value of a product or service to a customer |
| Opportunity Cost | Refers to the financial opportunity that is given up because you choose to do something else with your money |
| Significant Purchase | An amount of money you spend, usually $300, that causes some pain to part with |
