Financial Definitions TEST

Definition: something, typically money, that is owed or due

• expenses

• interest

• debt

• credit

Definition: A legal process to get out of debt when you can no longer make all your required payments

• Mortgage

• Bankruptcy

• Credit

• Default

Definition: an act of taking money out of an account.

• net income

• budget

• investment

• withdrawal

The amount by which revenues exceed expenses.

• net income

• gross income

• savings account

• expenses

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.

• personal finance

• deduction

• interest

• credit

An occupation undertaken for a significant period of a person's life and with opportunities for progress.

• lender

• career

• salary

• income

A sum of money charged for teaching or instruction by a school, college, or university.

• income

• interest

• tuition

• deduction

Fees involved in arranging for a mortgage or in transferring ownership of property.

• expenses

• closing cost

• credit score

• down payment

A portion of the total cost of an item that must be paid at the time of purchase

• collateral

• interest

• principal

• down payment

Money received, especially on a regular basis, for work or through investments.

• income

• credit

• liability

• expenses