Money management Flashcards
APR
Annual Percentage Rate
(the percentage cost of credit on a yearly basis)
allowance
an amount of money that one can use for a certain budget category
APV
Annual Percentage Yield
(percentage of money earned on your saving)
Bank reconciliation
document created to show how your records and bank records of your account agree
Bank statement
report showing status of a bank account
bankruptcy
legal process of reducing or eliminating an amount owed
Cash Flow statement
report of net wages and other income along of spending for a period of time (month, quarter, or year)
check register/ transaction log
small book used for recording account activity.
collateral
something of value used to secure a loan (usually automobile, house, or something high dollar)
credit
privilege of using someone else money for a period of time
credit union
user owned, not for profit, cooperative financial institution
credit rating
person reputation for paying bills on time
federal reserve system
system set up by federal gov. to supervise and regulate member banks and to help banks serve the public efficiently
finance charge
total dollars cost of credit, including interest and all other charges
financial plan
report summarizing your current financial condition, acknowledge financial needs, and set directions for your financial activities
