everfi vocab

Question 1

Associates

Answer 1

a type of degree that typically takes two years of full time study after high school and is dedicated training toward a specific career or skill

Question 2

Bachelors

Answer 2

a type of degree that normally takes four years of full time study, also known as an undergraduate degree. You can earn a Bachelor of Science or Bachelor of Arts degree.

Question 3

masters

Answer 3

after completing a bachelor’s degree, you can continue on to complete a master’s program in a variety of fields. This type of degree typically takes one or two years, but can sometimes be completed on evenings and weekends, while you’re working full-time.

Question 4

doctoral

Answer 4

a type of degree that is highly specialized in regards to a specific profession and typically takes three to five years to earn after completing your bachelor’s degree

Question 5

checking account

Answer 5

a type of bank account in which interest is not usually applied to the principal, but offers a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check.

Question 6

savings account

Answer 6

a type of savings vehicle in which interest is earned on the deposit amount (principal). This type of account usually require a minimum balance, offer lower interest rates, and have restrictions on the number of withdrawals allowed within a given time period.

Question 7

credit card

Answer 7

a payment type that does not automatically draw money from your checking account. It provides a short-term loan from the credit card company. At the end of each purchase period (usually a month), you receive a bill with all of your charges. You will have the option to pay off your balance (the amount you owe) or pay the minimum payment. If you do not pay your entire balance, you start to pay interest on the money you owe.

Question 8

debit card

Answer 8

a payment type that allows you to make purchases using money directly from your checking account

Question 9

deposit

Answer 9

when money is added into a bank account, also know as a ‘credit’

Question 10

expenses

Answer 10

the money you’re spending. This includes everything you buy, such as food, concert tickets, or even a pack of gum.

Question 11

budget

Answer 11

a plan for spending or saving money that is made up of income and expenses

Question 12

fixed expenses

Answer 12

an expense that occurs regularly. This amount typically does not change from month-to-month.

Question 13

varible expenses

Answer 13

spending that is based on the purchase decisions you make. These can vary from month to month.

Question 14

income

Answer 14

money you earn, like money you may get from your birthday or allowance from you parents

Question 15

profit

Answer 15

positive earnings, when you have earned more in revenue than you spent on expenses

Question 16

revenue

Answer 16

the amount of money a business makes within a specific time period, typically a month

Question 17

salery

Answer 17

a fixed payment, usually paid on a weekly or bi-weekly basis that does not vary depending on how little or how much you work

Question 18

wage

Answer 18

amount paid based on a certain time period. You can earn a certain wage per hour, day or week