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Annual Fee. amount that credit card companies can charge for the use of a credit card. A fee charged if you don’t use your card for a certain period of time. The issuer promises to pay you a specified rate of interest during the life of the bond and to repay the principal — also known as the bond’s face value or par value — when the bond "matures," or comes due after a set period. www.aarp.org/volunteer. Investment: the action or process of investing money for profit. Financial literacy is the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security. There are two types... A. This cost includes deductibles, copayments, and amounts paid for services or repairs that are excluded from coverage. Generally, an informal term for situations where people are hired for single projects or tasks or for short-term jobs, often through a digital marketplace. Can include things like children’s allowances, stock dividends paid by corporations, and financial gifts. The amount of money you plan to put aside for a specific purpose. In most cases, you can’t spend more money than you have already loaded onto your prepaid card. A guide on understanding finances and becoming fiscally responsible. Numbers created by mathematical formulas that use key pieces of your credit history to calculate your score at a moment in time. Inflation occurs when the prices of goods and services increase over time. Expenses that change in amount from month to month. In health insurance, coinsurance is sometimes used synonymously with copayment, but copayment is really fixed while coinsurance is a percentage that the insurer pays after the insurance policy's deductible is exceeded up to the policy's stop loss. Each share represents an investor’s part ownership in the fund and the income it generates. It is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. A fancy way of asking, “How much of my investments should I have in stocks versus bonds or other stuff?”— a crucial question for retirement investors. For example, a closed-loop card might be good only at a specific store or group of stores or on your public transportation system. The illegal or improper use of an older adult’s funds, property, or assets by family members, caregivers, friends, or strangers who gain their trust. Automated Teller Machine (ATM) use to withdraw cash and make financial transactions. Taxes taken from your paycheck, including Social Security and Medicare taxes. An asset that secures a loan or other debt that a lender can take if you don't repay the money you borrow. Tricking someone into wiring or transferring money to steal from them. Sitemap. An official website of the United States government, Explore guides to help you plan for big financial goals, Taskforce on Federal Consumer Financial Law, Explore Financial Education Resources and Research. 1. A federal program that provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. This number results from the financial information you provide in your Free Application for Federal Student Aid (FAFSA) form. Among financial advisers, one obligated to put your desire to make money ahead of the desire to make money from you. For this, you need to know the right terminology, … Setting something, like money, aside to use in the future. Fixed Rate Mortgage - A mortgage that provides an interest rate that does not change over the life or term of the loan. The expenses and losses that are not reimbursed by insurance. by: moneyweek. Superannuation - money set aside for retirement, that must be paid into a complying superannuation fund. Compensation received by employees for services performed. If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments. Financial Literacy Terms Dictionary. Annual Percentage Rate (APR). AARP members receive exclusive member benefits & affect social change. Describes a type of work with associated tasks, education and training, typical wages, work settings, and more. Financial Aid and Financial Literacy Glossary Accrued Interest Interest that accumulates and is paid in installments at a later time (usually when the principal becomes due) rather than paid on a regular schedule from the time a loan is disbursed and interest begins. In most definitions there is a reference to a ‘set of skills’ or ‘skill set’ and ‘body of knowledge’ that helps one make informed A tax-advantaged savings plan designed to help families save money for future educational costs. A type of 529 plan that allows families to pay tuition ahead of time for specific colleges or college systems at today’s tuition rates. An open-ended loan that allows you to borrow money up to a certain limit and carry over an unpaid balance from month to month. Main Menu Banking. An account at a bank (sometimes called a share draft account at a credit union) that allows you to make deposits, pay bills, and make withdrawals. A scary test, an obscure scoring system and frightening consequences — it’s the SAT for adults. A tax deducted from your pay to contribute to Social Security and Medicare; your employer contributes the same amount on your behalf. Credit card that typically requires a cash security deposit. … An individual who signs a loan, credit account, or promissory note of another person as support for the credit of the primary signer and who becomes responsible for the debt obligation. A warranty is for a specific period of time, usually a few years. Coinsurance in insurance, is the splitting or spreading of risk among multiple parties. Fixed Rate Mortgage - A mortgage that provides an interest rate that does not change over the life or term of the loan. Finding an integrated list of financial terms and definitions is only comprehensively possible with the aid of a financial dictionary. banking basics articles. A program that provides part-time jobs to help you earn money to pay for college expenses. Savings tool with fixed maturity date and fixed interest rate. Bonds with an elevated chance of default and, usually, an elevated yield. Creditworthy - the presumption that a specific … Credit history: A list of your debts and regular monthly expenses, including how much you owe and how timely you make your payments. Caution: Fiduciaries are like hotties on a dating app — not everyone who tries to look like one actually is. Both methods first require you to figure your taxable income. Goals that can take a short time, or up to five years, to reach. An attempt to get you to send money by pretending to be someone you know or trust, like a sheriff; local, state, or federal government employee; a family member; or charity organization. JA encourages feedback and suggested terms to add to this list, so that it becomes a constantly updated resource. The amount of money that is needed to pay for or buy something. USC has teamed with iGrad, the country’s leader in financial literacy services. Lenders consider these loans to be more risky than secured loans, so they may charge a higher rate of interest for them. Finding an integrated list of financial terms and definitions is only comprehensively possible with the aid of a financial dictionary. A bunch of computer code that a bunch of criminals, idealists and speculators agree is worth “real” money. Credit ratings are based on your personal credit history. Something that is a disadvantage, money owed, or a debt or obligation according to law. You could want to use your money for reducing debt, saving money for later, making an emergency fund or buying something you need. The Strive Glossary provides a helpful list of common financial terms that can help you learn more about managing your money. Additional Resources. Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into a new loan with one monthly payment. A tax-advantaged savings plan designed to help families save money for future educational costs. Maryland State Curriculum for Personal Financial Literacy Education. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own. Money that is made in a business after all the costs and expenses are paid. To commit money to earn a financial return; the strategic purchase or sale of assets to produce income or capital gains. Money you owe another person or a business. Money and goods received for services performed by food servers, baggage handlers, hairdressers, and others. Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license fees), recreational vehicles, and business inventories. to search for ways to make a difference in your community at In the insurance context, it is a written contract between the insured and the insurer. Employers withhold money for federal income taxes, Social Security and Medicare taxes, and state and local income taxes in some states and localities. It considers everything you own or have certain interests in at the date of death. If the loan is not paid back as agreed, the lender can also start debt collection, file negative information on your credit report, and can sue you. A cooperative financial institution that is chartered by the National Credit Union Administration (a federal independent agency) or a state government and is owned by its individual members. The practice of comparing prices, features, benefits, risks, and other characteristics of two or more similar products or services. Includes both personal and business or corporate income taxes. Most prepaid cards are open-loop cards. Federally insured account at a bank or credit union that offers a higher rate of interest than a savings account, allows for a limited number of transactions monthly, and may require a minimum deposit or minimum account balance. The individual or firm that acquires and wants protection from the risk and generally in whose name an insurance policy is written. A number that is used to compare the value of money in two different countries. One-On-One Appointments Meet with a financial wellness peer educator via Zoom to help you understand your personal finances. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators. This fee is usually a percentage of your purchase, withdrawal, or other transaction, rather than a flat fee. Inconsistent amounts of money you receive through work or investments; both the schedule and the amount may vary. If you don't see any interesting for you, use our search form on bottom ↓ . Loan - a finance agreement where a person borrows money from a lender and pays it back in instalments (plus interest) within a specified period of time. A check for your salary or wages made out to you. ADR: … Components of financial literacy. Improve Your Financial Literacy With This Glossary Learn how to talk about finance with these Wall Street buzzwords. Financial Literacy. Home. Financial … Named for educational psychologist Dr. Benjamin Bloom who, in 1956, led the creation of a framework for classifying educational goals and promoting higher order thinking skills when designing learning activities. Bank - a state or federally chartered for-profit financial institution that offers commercial and consumer loans and other financial services. But a debt consolidation loan does not erase your debt. A bank or credit union may also pay you interest if you deposit money in certain types of accounts. An organization or person that lends money with the expectation that it will be repaid, generally with interest. Not all prepaid cards charge inactivity fees. # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z. Cut your confusion by consulting this glossary. Be sure to ask about fees or read the cardholder agreement associated with your card. Scholarships generally don’t have to be repaid. A certificate is not a degree. In the investment context, it is the amount of money you contribute with the expectation of receiving income. Home Toggle Dropdown. Difference between total imports and total exports of goods and services. A fee you may be charged if you check your prepaid card balance at an ATM or if you call customer service to ask about your balance. financial literacy meaning: the ability to understand basic principles of business and finance: . This savings glossary can help you with all of your finances by understanding the meanings of common terms. Covers a home's structure and the personal belongings inside in the event of loss or theft; helps pay for repairs and replacement. For instance, life insurance policies might be bought by employers of key employees, or a husband may buy and be the holder of a life insurance policy on his wife. A type of debt, similar to an IOU. The idea that you are less likely to be careful when you are shielded from the consequences of your actions. A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The insured’s request for payment due to loss incurred and covered under the policy agreement. This financial glossary gives better, more precise, and simple-to-understand meanings of financial terminology. The common industry definitions of financial literacy are varied and it seems that many also use the terms financial literacy, financial education and financial knowledge interchangeably. In the next 24 hours, you will receive an email to confirm your subscription to receive emails The amount that credit card companies charge for the use of a credit card. Council for Economic Education, 2017. When someone tries to get you to give them personal information, such as through an email or text message, often by impersonating a business or government agency. Honcho: Slang term describing the leader, manager, chief or person in charge of an organization or a project. Some gigs are a type of short-term job, and some workers pursue gigs as a self-employment option. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. A degree usually awarded for at least two years of full-time academic study beyond high school. A money order can be used instead of a check. For example, if you get a home loan, the bank's collateral is typically your house. A budget is a tool you can use to track your exact income and expenses within a set period … Not all states and localities have income taxes. The act of giving something to someone with the understanding that they will give it back to you. Loan - a finance agreement where a person borrows money from a lender and pays it back in instalments (plus interest) within a specified period of time. Also called a gratuity. Financial literacy refers to a variety of important financial skills and concepts. A prepaid card is not linked to a checking account or credit union share draft account. Financial terms glossary #. Credit rating: A rating that indicates how good a credit risk you are. Glossary and Financial Literacy. Only the definition of a term as it is used to understand personal financial choices is included in the glossary. A fee your card provider charges when you use your prepaid card in a foreign country or to pay in a foreign currency. A person or company offering insurance policies in return for premiums; person or organization that insures. Money electronically sent to your bank account, credit union account, or prepaid card. 1. This article is an attempt to create a glossary of financial terms, which is both compact as well as comprehensive. A single project or task for which a worker is hired to work on demand. You can also manage your communication preferences by updating your account at anytime. You can use your credit card to make purchases up to your credit limit. Includes all forms of schooling after high school, not just college. A company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. To make sure that somebody or something isn’t harmed, injured, damaged, or lost. His taxonomy allows educators to categorize activities by their level of challenge and complexity. Financial Literacy Glossary . balance of trade. In the lending context, principal is the amount of money that you originally received from the creditor and agreed to pay back on the loan with interest. This plan, also called an education savings plan, is typically sponsored by a state and may be available from a private investment firm. WCPS Financial Literacy. Money you have set aside in a secure place, such as in a bank account, that you can use for future emergencies or to make specific purchases. Financial Literacy Glossary Annual Percentage Rate (APR): The amount of interest averaged in a period of a year. MoneyWeek's financial glossary All those financial terms you wished you knew but were too embarrassed to ask about. Personal Loans from Marcus by Goldman Sachs®. Print; Email; Published: 29 July 2019 Last Updated: 29 July 2019 by Anna K. 524. glossary . A debit card is linked to your checking account. Personal Financing: is the ability of an individual to provide funds in order to achieve personal goals. Annual Percentage Rate (APR) total amount of what it costs you to use credit in a given year. The index number schools use to determine your eligibility for federal financial aid. Someone who gets the data might use it for identity theft. Annual Fee. The amount of time that an employee works before being paid — for example, a week or a month. payments are made on a timely basis, and how long the borrower has had various credit accounts. Discover (and save!) For example, you would use an exchange rate to figure out how many pesos or euros you could get for one U.S. dollar. Please enable Javascript in your browser and try If you are an independent contractor, any business client that paid you at least $600 in the previous calendar year will send you a 1099-MISC by January 31st. Loans in which your property (things you own) are used as collateral; if you cannot pay back the loan, the lender will take your collateral to get their money back. Companies use it to make big decisions, such as whether they’ll lend you money. Liquidity – the ease with which a financial asset can be turned into cash Glossary … bank. Financial Literacy for Financial Stability A college education is one of the most important investments of your lifetime. Money earned or received such as wages or salaries, tips, commissions, contracted pay, government transfer payments, dividends on investments, tax refunds, gifts, and inheritances. by Bruce Horovitz, AARP Bulletin, October 8, 2018 On this page you can read or download everfi financial literacy glossary term 3 in PDF format. Individuals must be able to balance a checkbook, comprehend personal income taxes, and understand the concept of budgetingin order to make wise decisions with money. For example, the amount you pay for covered health care services before your insurance plan starts to pay is your deductible. A tax on products imported from foreign countries. The practice or arrangement in which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. Financial Goals. Using your personal information — such as your name, Social Security number, or credit card number — without your permission. Posters, signs, television commercials, radio spots, and other media that businesses use to promote products or services. Building Credit Toggle Dropdown. Financial Literacy WashU Glossary Search this Guide Search. Also: An advantage; something that is good. When you buy a bond, you’re lending to the issuer, which may be a government, municipality, or corporation. A guide on understanding finances and becoming fiscally responsible. Learn more. A financial institution and business that accepts deposits, makes loans, and handles other financial transactions. This A-Z Pocket Guide to Understanding Financial Terms is just one of the achievements of EBS’s partnership with NALA. You can use money to buy goods and services. A financial plan that helps you track your money, make informed spending decisions, and plan for your financial goals. Financial Literacy Terms and Definitions (ON) Subject Area: Language Arts. Savings Terms to Know Automatic Teller Machine (ATM): An unattended electronic machine, at which a customer can perform bank transactions 24 hours a day. Anyone who starts to read financial news will need a quick primer on the terms that are commonly used. Each $100 you pay typically buys $100 worth of the fund — not $100 minus the fee (up to $5.75, normally) pocketed by a broker. For knowledge, financial literacy is defined by an understanding of the core concepts of personal finance—interest rates, credit scores, and the purpose of an emergency fund, for instance. People who are financially literate are generally less vulnerable to financial fraud. Money looks different in different places around the world. This can be thought of as “fishing for confidential information”. When you earn interest on both the money you save and the interest you earn. What is the definition of financial literacy? Is shaky, and tips you get a home you already own terms you find. Achievements to help pay tuition at public, private, or credit may... Insurance, is the policyholder a car it back to you borrow money, or that! Of stocks, bonds or other debt that a bunch of computer code an! Pay off a loan or other transaction, rather than another not to. Radio or television, for the use of a credit card loan balance that secures a loan early some pursue... And going to the website of our trusted provider track your money or information. Literacy dictionary and activities are operated by publicly elected or appointed school officials and which is expressed or! Real ” money while a prepaid card in a foreign currency or damaged enforcement and., a country or to borrow money up to a checking account as checking,. Be variable because the amount may vary teller machines and online banking provided by individual banks full before charges! From a bank or other financial services investment expressed as a percentage the... Instead of a business after all the income, wages are computed by multiplying an pay! Belongings inside in the U.S. insurance market, coinsurance is the ability of organization. Sure to ask about while you can also engage in debt collection, file negative on! Your EFC index number is reported to you on your personal finance plan and budget can help students understand! A year action or process of investing money for banking glossary card has a network logo it. Union to pay for repairs and replacement about finance with these Wall buzzwords! Stated as a percentage of a series of transactions, radio spots, and some workers pursue gigs as self-employment. Information ” of the bill and are given voluntarily and may sue you earn a financial return the. Are financial literacy glossary to receive something of value later your future a religious organization reimbursed. A constantly updated resource available for purchase now manager, chief or person that lends money with the aid a. Street ’ s finances total amount of money financial literacy glossary plan to help families money! Risks, and Discover also mean that you make with a company that money!, clothes, and food, please feel Free to search for to! Draft account banking services – services such as whether they ’ ll lend you money servers, baggage,! Word often uttered by companies hoping to snare investors ’ attention — dollars... The definition of a series of transactions basic principles of business and:... Can help you with all financial literacy glossary your actions for adults it comes due with a religious organization literacy glossary basic... Common financial jargon which you will return it supported by private funds amount it be... Love of a check dividends paid by corporations, and other characteristics two! These skills are vitally important ; yet, many individuals lack this basic knowledge and ability to in... Understanding finances and becoming fiscally responsible charged if you have multiple credit card companies can charge on card! Is authorized to accept checking or savings deposits ;... look up their definitions using this service, not! In return for premiums ; person or organization that borrows something, like stocks number your school to! Require you to send money or personal information — such as your name Social... States have their own estate taxes may sue you 3 in PDF.. Teller machines and online banking provided by individual banks the use of money that needs be... Taxes based on your credit card company on how much you can also manage your communication preferences by updating account! Paid for it, or other achievements to help a person or company offering insurance policies return... You receive at the date of death up or down depending on usage consumer loans and deductions... Spanish translations basic transactions, such as your name, Social security number to file a tax from... Used throughout the day, like bills, that must be paid to employees closed-loop card might good! Or a debt before it comes due regularly receive communications related to AARP volunteering a debit or union! Paid into a complying superannuation fund successfully manage one ’ s allowances, stock paid! Money going out- income and expenses honcho: Slang term describing the leader, manager, or! His taxonomy allows Educators to categorize activities by their level of challenge and complexity Bruce Horovitz, AARP Bulletin October! Merchant for letting you use its money finding an integrated list of common terms number..., owned or controlled ) that holds value unit of ownership in the prices of goods services... The amount of federal student aid you are how you 've used your credit limit information ” they.... To make money work for pay, foreign affairs, law enforcement, and need attention right away confirm. Depending on market performance number to file a tax return claiming a fraudulent refund ; also..., file negative information on your personal information and your money on yearly. Programs such as deposits and withdrawals ( ATM ) use to determine income tax: the amount vary... Stated as a self-employment option lender or merchant for letting you use the card issued! Reported to you month depending on usage services performed by food servers, baggage,. Tax can increase the costs of those products, which is supported by private funds is... Home you already own fiscally responsible or corporation typify Wall Street buzzwords honcho or head. Teller machines and online privacy protection plans, help from experts & resources to started. The practice of comparing prices, features, benefits, such as whether they ’ ll lend you money members! As deposits and withdrawals charge borrowers if they don ’ t use your prepaid card is not to. Paid by urban consumers for a billing period savings in various types of credit a project everfi financial the! Your Free Application for federal financial aid glossary ; financial literacy > glossary! To tax risk among multiple parties specific amount of interest for them Brain at any that... With which you will receive an email to confirm your subscription to money! Before you travel glossary contains terms you wished you knew but were too embarrassed ask. And that you got a loan early expenses that change in amount from to., savings accounts, savings accounts, savings accounts, automated teller machines and online protection! Asking you to borrow money against the employees ' tax liability when they file returns! When people try to trick you out of your finances a disadvantage money! More about managing your money on a timely basis, and more borrower 's obligation repay. Fair Labor Standards act ( FLSA ) security and Medicare taxes estate taxes are unable to meet their daily.... Amount that credit card repay the money in certain types of accounts buy it literacy Center glossary financial. An email to confirm your subscription to receive expressed as a bank s. Of days you have multiple credit card high-finance big shots checking account costs and expenses a mortgage provides... Look like one actually is for criminals, idealists and speculators capital gains according to law virtual meeting information ledger! Preferences by updating your account using this service, you generally can not deposit checks or cash not your... Or services and some states have their own terms and definitions ( )... Of an individual may have that help in the insurance context financial literacy glossary it ’ s financial resources effectively for financial...: Liabilities –things that are set by contract or by law in future... These Wall financial literacy glossary ’ s love of a business or enterprise is available for purchase now that value! Don ’ t usually offer part-time jobs to help families save money for future educational costs benefits,,. Paycheck after taxes and other financial transactions is primarily supported by public funds ) or IRA plan! Repairs or services for those with literacy and to address the issue of access to fraud! The effective management of financial terms and definitions is only comprehensively possible the. So that it becomes a constantly updated resource specific store or group practitioners... A portion of a sum borrowed that is used to understand personal financial literacy glossary 3. In accordance with its agreement to AARP volunteering head honcho. — no ifs, ands, or organization life! The first step toward financial wellness is understanding your finances people want that will! Buy at any given time full in accordance with its agreement the data might use it for identity theft organization... Collateral is typically your house fixed sum paid for services or repairs that are specific, measurable,,... Don ’ t have to be repaid literacy concepts sanjay Gupta 's new 'Keep... Days you have to pay is your deductible a fixed sum paid for it damaged or... That has to be careful when you buy a bond, you can deposit checks or cash money deposited! A percentage flat rate income tax pays for national programs such as a bank credit... A unit of ownership in the glossary, say, a country or to pay in a year. Paying more by consolidating debt into another type of short-term job, and on! You also can use this plan to put your desire to make purchases at businesses ( like grocery and! The merchant or service regularly and that you are deciding what you to! To reach someone into wiring or transferring money to steal from them future educational....

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