Play this game to review Word Problems. A credit score is a three-digit number that represents how likely a borrower is to repay a debt. Savings Terms to Know Checking Account. Simple words to describe the core principles of financial literacy, such as earning, spending, and saving. Credit cards allow you to make … Annual percentage rate, or APR, is the yearly interest rate charged on borrowed money. Balance brought forward. In other words,... 3. refuse to accept and send back. the recipient of funds or other advantages. Financial Literacy . 3 years ago. Sign up. to use money or other resources to pay for goods or services. bailey22. Money that’s acquired later has less time to grow through investments, and is thus considered less valuable. Debt is the money that a borrower owes to a lender. Beat your last streak, or best your overall time. There are two ways to measure income: gross income and net income. Financial Literacy Vocabulary DRAFT. K - 5th grade. Each set contains vocabulary words that correspond to the fundamentals of financial literacy. Cash Flow: Where your money comes from and where it goes as you spend it, is cash flow. It can be accrued through any form of borrowing—credit cards, mortgages, personal loans, and auto loans among others. Rent, car payment, insurance., Money paid to the government on goods and services sold based on a percentage., Any activity or change in … An emergency fund is money set aside for big, unexpected expenses such as job loss or large medical bills. 0. Edit. Facilitate Small Group Problem Solving There is a high level of engagement during small group problem solving sessions. Bankruptcy. *Posters ONLY Included in this packet is a freebie sheet of finding Taxes! Traditional IRA stands for Traditional Individual Retirement Account. Budget. Fifty five flash cards are grouped into four sets. It's free and takes five seconds. Using online tools, they learn how to calculate past, present and future expenses. Balance. Students will learn about managing money, banking, credit, debt, home financing and loans while practicing listening, reading, speaking and writing skills. By spreading the cost over time, credit enables borrowers to make big-ticket purchases such as homes and vehicles. You are currently using guest access (Log in) -TEST-, Personal Finance Writer - Editorial Staff. Traditional IRA. A written, dated, and signed a piece of paper directing a bank to pay a sum of money., A plastic card that allows the owner to transfer money from a lender to pay for something., Expenses that stay the same month to month. Play this game to review Word Problems. A card game that combines simple leisurely fun with education purposes that will help your children develop their financial literacy. At first, the words might sound like a foreign language. Edit. This plastic card is issued by a financial institution. The economics and financial literacy vocabulary words are italicized. 19 Words for a Healthy Financial Literacy Vocabulary. How about ‘principal’ or ‘credit report’? Assess students during game and discussion to see how well they are identifying the terms. Understanding basic money terms and concepts that affect your financial health is the first step toward financial literacy. They might be intimidating, but it’s an important language to learn—it’s how lenders, banks, and credit card companies talk about you, so study up because you want to know what they’re saying! Vocabulary: taxes, gross income, net income, deposit, debit, balance, budget, balanced budget. Examples(from own life) Non-Examples. Students cut and … bond. Net income is what remains after these expenses are deducted. Terms like fixed & variable expenses, borrowing, lending, profit, revenue, and interest are defined. Principal is the amount of money due on a loan before interest. It provides a financial buffer that shields against accruing unwanted debt. Asset. All Rights Reserved.Use of Opportunity Financial, LLC, is subject to our Privacy Policy and Terms of Use. 0. A budget is a plan for using income to meet financial obligations. Negative … A “need” is defined as an essential expense, such as food or housing. Bankruptcy is a legal status that a person or entity can enter when they’re unable to repay their debts. a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself, support paid by one spouse to another after separation, income from capital investment paid regularly, an unattended machine (outside some banks) that dispenses money when a personal coded card is used, the difference between the credit and debit of an account, a budget is balanced when current expenditures are equal to receipts, a legal process for a corporation declared to be insolvent, a market characterized by falling prices for securities, the recipient of funds or other advantages, a certificate of debt issued by a government or corporation, an additional payment (or other remuneration) to employees as a means of increasing output, a market characterized by rising prices for securities, the excess of cash revenues over cash outlays in a give period of time (not including non-cash expenses), a check issued by the officer of a bank on the banks own account (not that of a private person), a check containing certification that the person who issued the check has sufficient funds on deposit to cover payment, a bank account against which the depositor can draw checks that are payable on demand, a register of checks issued (usually in numeric order), court-ordered support paid by one spouse to the other who has custody of the children after the parents are separated, a financial institution that accepts demand deposits and makes loans and provides other services for the public, interest calculated on both the principal and the accrued interest, a binding agreement that is enforceable by law, sign and endorse (another person's signature), as for a loan, an offer made by someone who has rejected a prior offer, a certificate that can be redeemed for value as needed, an estimate of ability to fulfill financial commitments, a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered, a person to whom money is owed by a debtor, a cooperative depository financial institution whose members can obtain loans from their combined savings, a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account, an amount that can be subtracted, as for tax purposes, a decrease in the gross amount on which a tax is calculated, a person who relies on another person for support, payment given as a guarantee that an obligation will be met, decrease in value of an asset due to obsolescence or use, earnings of a corporation distributed to its shareholders, the ownership interest of shareholders in a corporation, deduction allowed to a taxpayer because of his or her status, money spent to perform work and reimbursed by an employer, a federally sponsored corporation that insures accounts in national banks and other qualified institutions, an institution (public or private) that collects funds (from the public or other institutions) and invests them in financial assets, proceedings initiated to repossess the collateral for a loan, take a debtor's wages on legal orders, as for child support, the amount of money one makes over a period of time, a sum of money paid in compensation for loss or injury, a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred, a general and progressive increase in prices, unable to meet or discharge financial obligations, promise of reimbursement in the case of loss, the percentage of a sum of money charged for its use, laying out money or capital in an enterprise, someone who lends money or gives credit in business matters, an obligation to pay money to another party, insurance paid to named beneficiaries when the insured person dies, termination of a business operation by using its assets to discharge its liabilities, being in cash or easily convertible to cash, the temporary provision of money (usually at interest), the price at which buyers and sellers trade the item in an open marketplace, a written order for the payment of a sum to a named individual; obtainable and payable at a post office, a conveyance of property as security for repaying a loan, the pooled money that is invested in assets, a computerized data system to provide brokers with price quotations for securities traded over the counter, legally transferable to the ownership of another, the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses), someone legally empowered to witness signatures and certify a document's validity and to take depositions, the state of being bound to do or pay something, work done in addition to regular working hours, a plan for setting aside money to be spent after retirement, a check drawn against funds deposited in your personal checking account, a number you choose and use to gain access to various accounts, written contract or certificate of insurance, a list of financial assets held by a person or institution, excess of revenues over outlays in a given period of time, a system in which employees receive a share of the net profits of the business, a capital tax on property imposed by municipalities, a refund of some fraction of the amount paid, a fireproof metal strongbox for storing valuables, a tax based on the cost of the item purchased and collected directly from the buyer, financial aid provided to a student on the basis of merit, a percentage of a bill added in payment for service, capital raised by a corporation through the issue of shares, someone who holds shares of stock in a corporation, index based on a statistical compilation of the share prices of a number of representative stocks, the right to buy or sell a stock at a specified price within a stated period, a depositor's order to a bank to refuse payment on a check, a reduction in the gross amount on which a tax is calculated, a letter of credit issued by a bank or express company that is payable on presentation to any correspondent of the issuer, a short-term obligation that is not interest-bearing, a debt instrument with maturities of 10 years or longer, securities with maturities of 1 to 10 years, something held by one party for the benefit of another, written assurance that a product or service will be provided, a document declaring wishes regarding disposal of property, the act of taking out money or other capital, an educational plan in which students alternate between paid employment and formal study, Created on February 1, 2017 Credit is a financial arrangement in which money is borrowed for a purchase and paid back at a later date. Click card to see definition . One of the most basic concepts of personal finance is being able to differentiate between needs and wants. bounce. Don't have an account yet? It allows consumers to make purchases that they wouldn’t be able to afford if they had to pay the full price in one installment. Through a think-aloud read-aloud, the lesson will illuminate key economic vocabulary embedded in the text, as well as illustrate how to introduce key economic concepts through think-alouds and talking/writing about the text. An individual, company, or country can own or control assets, which include things like cash, investments, art, technology, real estate, and intellectual property. 154 times. Bond. In other words, assets contain value that can be converted into money. Push your learning experience beyond the classroom with glossary of the Foundations of Financial Literacy companion website. Financial Literacy Vocabulary Words. Vocabulary: taxes, gross income, net income, deposit, debit, balance, budget, balanced budget. ... ACH Transfers. Annual percentage rate. The engaging graphics will help motivate your students to use precise math vocabulary in your classroom! Annual percentage rate, or APR, is the yearly interest rate charged on borrowed money. A “want” is an expense that would be nice to have but isn’t essential, such as designer clothing. If you don’t know what financial literacy is, it’s a fancy way of saying you understand how money works. An asset is any resource (tangible or intangible, owned or controlled) that holds value. An amount of money, shown on a person’s statement, that they have in their account or that they owe at any time. Privacy Policy | California Disclosures and Privacy Policy | California Consumers can opt-out of the sale of personal information by clicking Do Not Sell My Info. Whether you're a student, an educator, or a lifelong learner, Vocabulary.com can put you 2 years ago. Pay yourself first, or PYF, is a strategy in which saving is prioritized and made an essential cost in a budget. Unlike a credit card, a debit card immediately withdraws funds from the user’s bank account. This resource is aligned with the Texas Financial Literacy TEKS and would be perfect to use during a Financial Literacy unit. Click again to see term . Sign up. Finance Vocabulary Word List (303) A) Account, Accounting, Accrue, Accumulate, Acquisition, Activity, Adjustable, Adjustment, AMEX, Amortization, Annual, Annuity, Appraisal, Arbitrage, Arrangement, Arrears, Assets, Authentic, Authorization, Automated, Average, Averaging Some of the worksheets for this concept are Financial literacy, Financial literacy course curriculum manual, Personal financial literacy for grades 7 8, Financial literacy, Personal financial literacy glossary, Personal financial literacy, Personal financial literacy guide for, Kids instructor guide. specifically with regard to vocabulary and grammatical structure pertaining to financial literacy. To begin, cover the basics. Creditworthiness is primarily determined by how well a borrower has managed previous debt obligations. Articles provided in connection with this blog are general in nature, provided for informational purposes only and are not a substitute for individualized professional advice. 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