Personal Finance Terms

measure of the efficiency with which goods and services are made

forms of pay for a job other than salary or wages, such as vacation and holidays

repaying a debt by making regular payments of principal and interest over a period of time

specific group of people for whom advertising or other messages are created

process of getting one loan to pay other existing debts

document that gives a person's credit history and current status with regard to credit/income

concept says money received in future is worth less than money received today

an increase in the general level of prices for goods and services

to sell a stock or bond and receive the cash

amount a patient pays each time for using a medical service

any debt you owe that must be repaid

charge account, up to a limit, make monthly payments that can be part of all of balance

item of value that is bought and sold in a marketplace -- corn, gold, coffee, etc.

person who agrees to repay a loan if the borrower does not repay it

money or benefits received from the government without working for them at the time received

all activities related to making and distributing goods and services in an area

rate at which banks borrow money from the excess reserves of other banks

an interest rate that changes at the discretion of the credit card company or lender

a measure of the ability to turn an asset into cash quickly

insurance you can convert to an individual policy when you leave a job

benefit or item you give up when you choose another benefit or item

expenses a borrower must pay for a loan - appraisal fees, recording costs, etc.

the money a person has available to spend or save after taxes have been paid

period of time when stock market prices are steadily INcreasing

contract purchased from an insurance company that guarantees a series of regular payments

person to whom the value of a life insurance policy is paid

legal procedure to relieve a person who cannot pay debts of those debts, or create a pmt plan

credit account for a set amount, for a set period of time until balance is paid in full

a pre-approved amount of money that can be borrowed

expense that can go up or down each month

money and items of value that you own

property one is allowed to keep in a bankruptcy proceeding

bank service that directs the bank to NOT honor a check you wrote or lost

interest rate banks charge to their most credit-worthy customers

rate banks are charged to borrow money from the Federal Reserve

interest earned on both principal and interest previously earned

process of taking an asset used for collateral and using it to pay a debt, a car

willingness and ability of consumers to buy goods and services

the maximum amount of credit, or that you are willing to spend for an item

money received from sources other than working in a job

actions take by the Federal Reserve to influence money and credit

money received from an outside source to help pay for education and training

loan agreement in which the interest rate, payment, etc. can change over time

an interest rate that remains the same each month

saving/investing the same amount of money on a regular basis 

period of time when stock market prices are steadily DEcreasing

price you pay for insurance

on a credit card, length of time before interest is charged on new purchases or balance

a required payment for the support of government, such as income or sales

What you own minus what you owe

the wide variety of jobs and careers that exist at one point in time