Unit 2 Key Vocabulary

Items of value that a person owns.

• Disposable Income
• Liabilities
• Assets
• Financial Aid

A spending and saving plan based on your expected income and expenses.

• Fixed Expenses
• Budget
• Financial Aid
• Liquidity

When estimated expenses are greater than estimated income.

• Grant
• Assets
• Cash Deficit
• Disposable Income

When estimated income is greater than estimated expenses.

• Cash Surplus
• Financial Aid
• Interest
• Principal

The money you have left to spend or save after taxes and other deductions (required and optional) are taken.

• Checkbook Register
• Liquidity
• Principal
• Disposable Income

Costs that do not change from month to month.

• Electronic Funds Transfer (EFT)
• Fixed Expenses
• Cash Deficit
• Grant

Money or debts owed to others.

• Cash Surplus
• Liabilities
• Principal
• NSF Fee

Interest paid on the original principal plus accumulated interest.

• Checkbook Register
• NSF Fee
• Compound Interest
• Assets

The difference between assets and liabilities.

• Net Worth
• Compound Interest
• Liabilities
• Liquidity

Money in the forms of student loans, grants, or work-study programs that a student may receive to help pay for their education.

• Electronic Funds Transfer (EFT)
• Financial Aid
• Grant
• Fixed Expenses