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Personal Finance and Business Law > Semester Test Vocab > Flashcards

Semester Test Vocab Flashcards

1
Q

Values

A

The beliefs and principles you consider important, correct, and desirable.

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2
Q

Future Value

A

the amount an original deposit will be worth in the future based on earning a specific interest rate over a specific period of time

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3
Q

Liquidity

A

the ability to easily convert financial assets into cash without loss of value

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4
Q

Time Value of Money

A

the increase of an amount of money due to earned interest or dividends

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5
Q

Demand

A

the amount consumers are willing and able to buy

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6
Q

Principal

A

the original amount of money on deposit

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6
Q

Personal Financial Planning

A

arranging to spend, save and invest money to live comfortably, and have financial security, and achieve goals.

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6
Q

Economics

A

the study of the decisions that go into making, distributing, and using goods and services

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6
Q

Inflation

A

rise in the level of prices for goods and services over time

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6
Q

Money Management

A

day-to-day financial activities necessary to get the most from one’s money

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6
Q

Present Value

A

the amount of money one would need to deposit now in order to have a desired amount in the future.

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6
Q

Personal Financial Statements

A

Gives information about current financial position and presents a summary of income and spending

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6
Q

Net Worth

A

the difference between the amount you own and the debts you owe

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6
Q

Market Value

A

the price at which property would sell

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6
Q

Liquid Assets

A

cash and items that can be quickly converted to cash

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7
Q

Safe-Deposit Box

A

small storage compartment that can be rented in a bank

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8
Q

Liabilities

A

debts that one owes

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9
Q

Discretionary Income

A

the money left over after paying for essentials such as rent, utilities, clothing, transportation, and medications.

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10
Q

Surplus

A

extra money that you can spend or save, depending on your financial goals and values

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11
Q

Deficit

A

financial situation that occurs when more money is spent than received

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12
Q

Down Payment

A

a portion of the total cost of an item that must be paid at the time of purchase

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13
Q

Cooperative

A

A user owned and controlled business from which benefits are derived and distributed equally on the basis of use or as a business owned and controlled by the people who use its services

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14
Q

Open Dating

A

the marking of perishable food products with a clearly readable date indicating when the food was packaged or the last date on which it should be sold or used

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15
Q

Unit Pricing

A

The use of a standard unit of measurement to compare the prices of package that are different sizes

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16
Rebate
a partial refund of the price of a product
17
Fraud
dishonest business practices that are meant to deceive, trick, or gain an unfair advantage
18
Mediation
the attempt by a neutral third party to use discussion and negotiation to resolve a conflict between a customer and a business
19
Arbitration
a process whereby a conflict between a business is resolved by an impartial third party whose decision is legally binding
20
Class-Action Suit
a legal action on behalf of all the people who have suffered the same injustice
21
Legal Aid Society
a network of community law offices that provide free or low-cost legal assistance
22
Creditor
an entity that lends money
23
Annual Percentage Rate
(APR) cost of credit on a yearly basis expressed as a percentage
24
Open-End Credit
a loan from a bank or other financial institution that the borrower can draw on repeatedly, up to a certain pre-approved amount, and that has no fixed end date for full repayment
25
Grace Period
time period during which no finance charges will be added to an account
26
Net Income
income received from take-home pay, allowance, gifts, and interests
27
Collateral
a form of security that helps guarantee that the creditor will be repaid
28
Up-Front Cash
an amount of money paid before a particular piece of work or a particular service is done or received
29
Credit Rating
a measure of a person's ability and willingness to make credit payments
30
Debt Collector
A person or company that regularly collects debts owed.
31
Bankruptcy
A legal process in which some or all of the assets of a debtor are distributed among creditors because the debtor is unable to pay all of his or her debts.
32
Lifestyle
the way you choose to spend your time and money
33
Sublet
to have a person other than the original tenant take over the rental unit and payments for the remaining term of the lease
34
Renter's Insurance
a type of insurance that covers the loss of a tenant's personal property as a result of damage or theft.
35
Zoning Laws
specific rules and regulations for pieces of land divided into “zones” by the government or a municipality.
36
Mortgage
a long-term loan extended to someone who buys property
37
Amortization
the reduction of a loan balance through payments made over a period of time
38
Federal Housing Administration
provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories.
39
Home Equity Loan
a loan based on the difference between the current market value of a home and the amount the borrower owes on the mortgage
40
Closing
meeting of a seller, a buyer, and a lender of funds to complete a transaction
41
Deed
official document transferring ownership from seller to buyer
42
Tax Liability
the total amount of taxes owed
43
Inheritance Tax
a state tax collected on the property left by a person to his or her heir(s) in a will
44
Estate Tax
a federal tax collected in the value of a person's property at the time of his or her death
45
Withhold
the income an employer takes out of an employee's paycheck and remits to the federal, state, and/or local government.
46
Income Tax Return
a form, such as a 1040, on which a taxpayer reports how much money he or she received from work and other sources, and the exact taxes that are owed.
47
Exclusion
income that is not subject to taxes
48
Adjusted Gross Income
gross income after calculating certain reductions to income
49
Taxable Income
adjusted gross income minus any allowable deductions and exemptions
50
Tax Deduction
an expense that can be subtracted from adjusted gross income to figure taxable income
51
Exemption
a deduction from adjusted gross income for the tax payer, the spouse, and qualified dependents
52
Premium
a fee for insurance and an additional amount above the face value of a bond
53
Policy
a contract between an insurance company and a person by which that person joins a risk-sharing group
54
Negligence
the failure to take ordinary or reasonable for care to prevent accidents from happening and lack of attention
55
Deductible
the set amount that the policyholder must pay per loss on an insurance policy
56
Claim
any claim or cause of action related to economic loss, lost profits, lost earnings, or lost income
57
Liability
debts that one owes
58
Actual Cash Value
method for settling claims in which the payment received is based on the replacement cost of an item minus depreciation
59
Replacement Value
method for settling claims in which one receives the full cost of repairing or replacing an item.
60
Bodily Injury Value
depends on your injury's severity, long-term effects, and interference with your life
61
Uninsured Motorist's Protection
insurance that provides coverage for accidents involving an uninsured or hit-and-run driver

Personal Finance and Business Law (3 decks)

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