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Personal Finance and Business Law > Semester Test Vocab > Flashcards

Semester Test Vocab Flashcards

1
Q

Values

A

The beliefs and principles you consider important, correct, and desirable.

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2
Q

Future Value

A

the amount an original deposit will be worth in the future based on earning a specific interest rate over a specific period of time

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3
Q

Liquidity

A

the ability to easily convert financial assets into cash without loss of value

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4
Q

Time Value of Money

A

the increase of an amount of money due to earned interest or dividends

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5
Q

Demand

A

the amount consumers are willing and able to buy

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6
Q

Principal

A

the original amount of money on deposit

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6
Q

Personal Financial Planning

A

arranging to spend, save and invest money to live comfortably, and have financial security, and achieve goals.

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6
Q

Economics

A

the study of the decisions that go into making, distributing, and using goods and services

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6
Q

Inflation

A

rise in the level of prices for goods and services over time

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6
Q

Money Management

A

day-to-day financial activities necessary to get the most from one’s money

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6
Q

Present Value

A

the amount of money one would need to deposit now in order to have a desired amount in the future.

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6
Q

Personal Financial Statements

A

Gives information about current financial position and presents a summary of income and spending

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6
Q

Net Worth

A

the difference between the amount you own and the debts you owe

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6
Q

Market Value

A

the price at which property would sell

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6
Q

Liquid Assets

A

cash and items that can be quickly converted to cash

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7
Q

Safe-Deposit Box

A

small storage compartment that can be rented in a bank

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8
Q

Liabilities

A

debts that one owes

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9
Q

Discretionary Income

A

the money left over after paying for essentials such as rent, utilities, clothing, transportation, and medications.

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10
Q

Surplus

A

extra money that you can spend or save, depending on your financial goals and values

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11
Q

Deficit

A

financial situation that occurs when more money is spent than received

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12
Q

Down Payment

A

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

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13
Q

Cooperative

A

A user owned and controlled business from which benefits are derived and distributed equally on the basis of use or as a business owned and controlled by the people who use its services

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14
Q

Open Dating

A

the marking of perishable food products with a clearly readable date indicating when the food was packaged or the last date on which it should be sold or used

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15
Q

Unit Pricing

A

The use of a standard unit of measurement to compare the prices of package that are different sizes

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16
Q

Rebate

A

a partial refund of the price of a product

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17
Q

Fraud

A

dishonest business practices that are meant to deceive, trick, or gain an unfair advantage

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18
Q

Mediation

A

the attempt by a neutral third party to use discussion and negotiation to resolve a conflict between a customer and a business

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19
Q

Arbitration

A

a process whereby a conflict between a business is resolved by an impartial third party whose decision is legally binding

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20
Q

Class-Action Suit

A

a legal action on behalf of all the people who have suffered the same injustice

21
Q

Legal Aid Society

A

a network of community law offices that provide free or low-cost legal assistance

22
Q

Creditor

A

an entity that lends money

23
Q

Annual Percentage Rate

A

(APR) cost of credit on a yearly basis expressed as a percentage

24
Q

Open-End Credit

A

a loan from a bank or other financial institution that the borrower can draw on repeatedly, up to a certain pre-approved amount, and that has no fixed end date for full repayment

25
Q

Grace Period

A

time period during which no finance charges will be added to an account

26
Q

Net Income

A

income received from take-home pay, allowance, gifts, and interests

27
Q

Collateral

A

a form of security that helps guarantee that the creditor will be repaid

28
Q

Up-Front Cash

A

an amount of money paid before a particular piece of work or a particular service is done or received

29
Q

Credit Rating

A

a measure of a person’s ability and willingness to make credit payments

30
Q

Debt Collector

A

A person or company that regularly collects debts owed.

31
Q

Bankruptcy

A

A legal process in which some or all of the assets of a debtor are distributed among creditors because the debtor is unable to pay all of his or her debts.

32
Q

Lifestyle

A

the way you choose to spend your time and money

33
Q

Sublet

A

to have a person other than the original tenant take over the rental unit and payments for the remaining term of the lease

34
Q

Renter’s Insurance

A

a type of insurance that covers the loss of a tenant’s personal property as a result of damage or theft.

35
Q

Zoning Laws

A

specific rules and regulations for pieces of land divided into “zones” by the government or a municipality.

36
Q

Mortgage

A

a long-term loan extended to someone who buys property

37
Q

Amortization

A

the reduction of a loan balance through payments made over a period of time

38
Q

Federal Housing Administration

A

provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories.

39
Q

Home Equity Loan

A

a loan based on the difference between the current market value of a home and the amount the borrower owes on the mortgage

40
Q

Closing

A

meeting of a seller, a buyer, and a lender of funds to complete a transaction

41
Q

Deed

A

official document transferring ownership from seller to buyer

42
Q

Tax Liability

A

the total amount of taxes owed

43
Q

Inheritance Tax

A

a state tax collected on the property left by a person to his or her heir(s) in a will

44
Q

Estate Tax

A

a federal tax collected in the value of a person’s property at the time of his or her death

45
Q

Withhold

A

the income an employer takes out of an employee’s paycheck and remits to the federal, state, and/or local government.

46
Q

Income Tax Return

A

a form, such as a 1040, on which a taxpayer reports how much money he or she received from work and other sources, and the exact taxes that are owed.

47
Q

Exclusion

A

income that is not subject to taxes

48
Q

Adjusted Gross Income

A

gross income after calculating certain reductions to income

49
Q

Taxable Income

A

adjusted gross income minus any allowable deductions and exemptions

50
Q

Tax Deduction

A

an expense that can be subtracted from adjusted gross income to figure taxable income

51
Q

Exemption

A

a deduction from adjusted gross income for the tax payer, the spouse, and qualified dependents

52
Q

Premium

A

a fee for insurance and an additional amount above the face value of a bond

53
Q

Policy

A

a contract between an insurance company and a person by which that person joins a risk-sharing group

54
Q

Negligence

A

the failure to take ordinary or reasonable for care to prevent accidents from happening and lack of attention

55
Q

Deductible

A

the set amount that the policyholder must pay per loss on an insurance policy

56
Q

Claim

A

any claim or cause of action related to economic loss, lost profits, lost earnings, or lost income

57
Q

Liability

A

debts that one owes

58
Q

Actual Cash Value

A

method for settling claims in which the payment received is based on the replacement cost of an item minus depreciation

59
Q

Replacement Value

A

method for settling claims in which one receives the full cost of repairing or replacing an item.

60
Q

Bodily Injury Value

A

depends on your injury’s severity, long-term effects, and interference with your life

61
Q

Uninsured Motorist’s Protection

A

insurance that provides coverage for accidents involving an uninsured or hit-and-run driver

Personal Finance and Business Law (3 decks)

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