Personal Finance Vocabulary Flashcard

Front

What is an Asset?

Back

An asset is anything of value or a resource owned by an individual or entity that can provide future economic benefits.

Front

What is a Liability?

Back

A liability is a financial obligation or debt that an individual or entity owes to another party.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

What is Gross Income?

Back

Gross income is the total amount of money earned before any deductions or taxes are taken out.

Front

What is Net Income?

Back

Net income is the total amount of money earned after all deductions, taxes, and expenses have been subtracted.

Front

What is a Tax Return?

Back

A tax return is a form filed with the government to report income, expenses, and other tax information.

Front

What is Revolving Credit?

Back

Revolving credit is a type of credit that allows borrowers to repeatedly borrow against a credit line and pay it off without applying for a new loan.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

What is a Credit Score?

Back

A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

Front

What is a Budget?

Back

A budget is a financial plan that outlines expected income and expenses over a specific period.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

What is Interest?

Back

Interest is the cost of borrowing money, usually expressed as a percentage of the amount borrowed.

Tags

CCSS.7.RP.A.3

Front

What is a Mortgage?

Back

A mortgage is a loan specifically used to purchase real estate, where the property serves as collateral.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C