Honors PF Mid term vocab #1

Something a person intends to acquire, achieve, or accomplish in the future

• opportunity cost

• goal

• trade-off

• value

The value of the next best alternative that must be forgotten because of a decision

• trade-off

• Need

• Opportunity cost

• financial plan

Giving up one thing for another

• want

• need

• value

• trade-off

Managing money continuously through life in order to reach your financial goals.

• financial planning

• well-being

• opportunity cost

• trade-off

For-profit depository institution that offers financial services to customers and other businesses.

• credit union

• commercial bank

• Automated teller machine (ATM)

• budget apps

An account at a depository institution that is designed to hold money not spent on current expenses and costs.

• checking account

• savings account

• ATM (automated teller machine)

• mortgage

The price paid for using someone else's money.

• CD

• sales tax

• interest

• excise tax

A depository institution that offers many banking services and are owned by their customers.

• commercial bank

• credit union

• mobile app banking

• contactless payment

Money earned from working for pay

• earned income

• unearned income

• taxes

• income tax

A tax on earned and unearned income.

• excise tax

• sales tax

• income tax

• property tax