2023 Final

Anything that is owned by an individual, including money in the bank or investments.

• Asset

• Income

• Liability

• Credit

A written plan for giving, saving, and spending.

• Budget

• Expense

• FInancial Plan

• Variable Expense

Something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, teh item is forfeited to the lender.

• Collateral

• Equity

• Credit

• Expense

Interest paid on interest previously earned.

• Compound Interest

• Interest

• Liability

• Tax Liability

The granting of a loan and the creation of debt; any form of deferred payment.

• Credit

• Credit Union

• Interest

• Deficit Spending

Money owed to another person or company.

• Debt

• Default

• Interest

• Tax Liability

Failure to repay a loan on time.

• Default

• Deferred

• Debt

• Tax Liability

The loss of value of an asset over time.

• Depreciation

• Debt

• Deductible

• Expense

Any income that is generated by the work someone performs.

• Earned Income

• Asset

• Gross Income

• Financial Plan

The increase in value of a home over time; the difference between the amount owed and what the home could be sold for.

• Equity

• Estate Tax

• Interest

• Lien