Chapter 20: Vocab Flashcards
DISPOSABLE INCOME
money income left after all taxes on it have been paid
CONSUMER
someone who buys a good or service
DISCRETIONARY INCOME
money income left after necessities have been bought and paid for
CONSUMERISM
a movement to educate buyers about the purchases they make and to demand better and safer products
COMPARISON SHOPPING
buying strategy to get best buy for the money
WARRANTY
the promise made by a manufacturer or a seller to repair or replace a product surging a certain time period
BUDGET
a plan for making and spending money
INCOME
money received from labor, business, or property
EXPENSE
money spent on goods and services
CREDIT
money borrowed to pay for a good or service
ANNUAL PERCENTAGE RATE (APR)
annual cost if credit expressed as a percentage of the amount borrowed
COLLATERAL
property or valuable item serving as security for a loan
BANKRUPTCY
inability to pay debts
SAVE
to set aside income for a period of time so that it can be used later
INTEREST
the payment people receive when they lend money or allow someone else to use their money
