Bank - A for-profit institution that offers accounts, personal loans, mortgages, and other services., Credit Union - A nonprofit financial institution that is owned by its members and organized for their benefit., Interest - A sum paid or charged for the use of money or for borrowing money, Overdraft - Occurs when money is withdrawn from a bank account and the available balance goes below zero, Checking Account - Transaction account where money can be withdrawn with checks or a debit card., Certificate of Deposit - A savings account that gains interest and has a set time before you can withdraw your money. Usually has the highest interest rate available of other savings accounts., Liquidity - The ease with which an asset can be converted into cash., FDIC - The government agency that insures customer deposits up to $250,000 if a bank fails, Balance - The amount of money you have in your bank account or left to pay on a loan., Debit Card - Instrument that enables you to do ATM transactions and to make point of sale purchases instead of using cash or writing a check., Deposit - Money you put into your bank account., Bank Statement - The monthly record of your account transactions., Stock - Share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation, Budget - A plan of your expected income and how you will use it to meet your expected expenses over a period of time, Inflation - A general increase in prices and fall in the purchasing power of money, Cash Envelope Budget - Financial plan where money for all variable spending is taken out in cash and placed in labeled envelopes by budget category and then spending occurs only from the envelopes, Zero-Based Budget - Financial plan where every anticipated earning is assigned a role to be spent, saved, or invested somewhere, so there's no "leftover" money with no purpose, 50/30/20 Budget - A financial plan that allocates 50% to needs, 30% to wants, and 20% to savings, goals, and debt repayment, Rate of Return - The ratio of money gained or lost on an investment relative to the amount of money invested; also known as return on investment (ROI)., Bond - A security in which the investor loans money to a company or government, which then pays regular interest to the holder and returns the principal on the maturity date, Capital Gain - Profit from the sale of an asset, such as a stock or a bond, calculated by subtracting the price you initially paid from the price you then sold it for, Diversification - The practice of investing in a large variety of stocks, bonds, and/or funds as a way to reduce your overall risk, Index Fund - A low-fee portfolio of stocks chosen to track or mimic a stock market index, thereby removing the human element of investing because no one is choosing the individual stocks, Risk - Degree of uncertainty on how likely the investor is to make money on an investment, Portfolio - A collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including mutual funds and ETFs, Cost of Living - The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another, Pay Yourself First - A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money, Fixed Expense - A cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment), Variable Expense - A cost that appears irregularly or that changes in amount (e.g., utility bills), Wealth - A measurement of your assets (money you've saved or things of value you own) minus your liabilities (money you owe others); also called net worth,

Unit 5 Vocab: Budgeting, Saving, & Investing

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