Personal Finance Vocab 1/20

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50-30-20 Method

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A budgeting method that allows an individual to spend 50 percent on needs, 30 percent on wants, and 20 percent on savings.

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Associate degree

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An academic program taken at the undergraduate level, typically after 2 years of study.

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Auto insurance

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A type of insurance purchased by vehicle owners to protect them against financial loss in the event of an accident or theft.

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Bachelor degree

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A degree given to a study by a college or university, typically after 4 years of study.

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Bank

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A for-profit financial institution that is federally licensed to receive deposits and issue loans.

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Benefits

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Any perk offered to an employee in addition to a salary. The most common benefits are health insurance, disability, and life insurance; retirement benefits; and paid time off (PTO).

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Bodily injury liability

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A type of insurance that helps pay for someone else's emergency services and medical care if the person causes a car accident.

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Budget

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A plan for income and expenses during a set period.

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Career

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A profession, occupation, trade, or vocation.

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Cash

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Money in coins or notes.