future-smart vocab ;') Flashcards
money you earn, like money you may get from your birthday or allowance from you parents
income
positive earnings, when you have earned more in revenue than you spent on expenses
revenue
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
salary
amount paid based on a certain time period. You can earn a certain wage per hour, day or week.
wage
spending that is based on the purchase decisions you make. These can vary from month to month.
variable expenses
a plan for spending or saving money that is made up of income and expenses
budget
the money you’re spending. This includes everything you buy, such as food, concert tickets, or even a pack of gum.
expenses
when money is added into a bank account, also know as a ‘credit’
deposit
a payment type that allows you to make purchases using money directly from your checking account
debit card
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.
credit card
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.
savings account
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.
checking account
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
doctoral degree
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.
Masters degree
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.
Bachelor’s degree
