vault: understanding money Flashcards


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created 1 year ago by AnnaD
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1

Bonds. Bonds are agreements to lend money to companies or the govemment. They agree to pay you back by a certain date, with higher interest than a savings account.

Borrow. To use something from someone else with the promise of returning it.

2

Budget. A plan for using your money over a set period of time. It helps you keep track of what you earn, spend, and save.

Career. A type of job you do for a long time and may require some education, training, or experience related to it.

3

Cash. Money that is available and ready to use like bills and coins.

Certificate of Deposit. A savings certificate that gains interest and has a set time before you can withdraw your money (if you take your money out early you will likely be charged a fee.)

4

Charity. Giving resources or volunteering time to help those in need.

Comparison shopping. Finding out whether or not what you are about to buy can be found for a better price or in better shape at a different store.

5

Compound interest. Money that a financial institution pays you to borrow your money. It is calculated by multiplying the percentage rate times your balance (or total amount in your account)plus any interest you have already earned.

Credit. When you borrow money and promise to pay it back later.

6

Credit history. A record of how you pay back the money you borrow.

Debt. Money that you have to pay back.

7

Goal. Something you want to achieve. When you have a goal, then you can plan steps to achieve it. There are short-term, medium-term, and long-term goals that all take different amounts of time to achieve.

Gross income. The full amount you earned.

8

Insurance. Helps pay for emergencies. You pay a little money at set times. Then, if you have an emergency, insurance will help pay for it! You can get insurance for your home, your health, your car, and more!

Interest (on an account). Money that a financial institution pays you to borrow your money. It is calculated as a percentage of the amount of money you have in your account.

9

Interests (for a job). The topics or types of things that you enjoy learning about or spending your time doing.

Investments. Savings options, like stocks or bonds, that can make your money grow faster than a savings account. But you might not be able to take out your money anytime you want. And with some investments, you could also lose money.

10

Job. Work you do for money.

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