Financial Literacy Basic Terms

A fee charged against a client for not paying bill by its due date.

An item in the budget whose cost is the same each month.

A statistical measure of a loan applicant's creditworthiness. It predicts the likelihood of repayment.

This is spending plan. It is a record of projected & actual expenses and income over a period of time.

This term is used when you do not have enough money in your account to cover the check you wrote. Check will bounce!

An item in the budget whereby the cost is different each month such as electric bill or water bill.

Someone who is in the business of lending money.

A government fee on businesses and individual income, activities or products.

A method of buying something that you do not have the money for. Often used to buy houses or cars

Money set aside specifically for an emergency such as a serious accident, job loss, home repair, etc.