Personal Finance Terms

Interest Rate

• The price paid for the use of money for a period of time. Usually is a percentage of what was originally borrow.

• The amount borrowed over a period of time

• how interested you are in this quiz

• the amount charged to buy a product

Compound interest

• The amount charged for borrowing money

• when you're very interested

• Interest that is paid on the original amount borrow AND the interest accumulated on an account.

• the taxes paid on capital gains

Account Balancing

• When your account has a negative balance

• Creating equality between the totals of the credit (money one receives) and debit (what one pays) sides of an account. Goal is to have a surplus of $.

• When your account has a positive balance

• When the bank creates a separate account for your savings

Gross Income

• A really high income

• total pay minus cost of living

• Total pay after deductions

• The individual's total pay from his employer before taxes or other deductions

Net Income

• The individual's total pay minus deductions

• Individual pay before deducations

• The cost of living

• A maritime fish catcher

Utilities

• Something that's always included in rent

• Cable, internet, phone

• Necessities paid for separately than rent or mortgage i.e. electricity, gas, water, or sewerage.

• Fork, knife, spoon

Mortgage

• The amount you pay for your home

• A mortgage is a special type of loan used to buy a house.

• The amount paid in rent monthly

• Something that sounds like death

APR

• awful person rating

• annual real participation rate

• actual percentage rate of borrowing

• the annual rate charged for borrowing

Salary

• The amount you are paid per hour

• The amount that one is paid annually by their job. Salaried employees get one rate for pay.

• Total of tips and wages for a day

• Something that sounds like celery

Hourly Employee

• When a person works for a wage, or an amount paid by the hour that they work.

• The tips that you earn on the job

• When you are paid an amount yearly for your work

• When you work an hour a day