Financial Literacy Vocabulary Review

A financial plan used to forecast and track income and expenses.

• Budget

• Insurance

• Expenses

• Finance

property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

• Benefits

• Career

• Bankruptcy

• Asset

Include various types of non-wage compensation provided to employees in addition to their normal wages or salaries.

• Salary

• Benefits

• Wages

• Revenue

A cost of goods or services that is paid regularly.

• Fixed Expense

• Variable Expense

• Expense

• Lease

Money earned from a job or other sources.

• Wages

• Revenue

• Income

• Job

A cost of goods or services that changes in amount from week to week or month to month.

• Expense

• Fixed Expense

• Benefit

• Variable Expense

The science that describes the management, creation and study of money, banking, credit, investments, assets and liabilities.

• Finance

• Budget

• Personal Financial Plan

• Income

Real or potential costs associated with missed opportunities based on choices made.

• Principal

• Opportunity Cost

• Loan

• Savings

Something, typically money, that is owed or due.

• Interest

• Collateral

• Debt

• Finance

A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

• Interest

• Loan

• Variable Expense

• Principal