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financial literacy vocabulary words

Unlike a credit card, a debit card immediately withdraws funds from the user’s bank account. Understanding basic money terms and concepts that affect your financial health is the first step toward financial literacy. A credit report is a record of a borrower’s credit history. Preview this quiz on Quizizz. Sign up. Articles provided in connection with this blog are general in nature, provided for informational purposes only and are not a substitute for individualized professional advice. Vocabulary: taxes, gross income, net income, deposit, debit, balance, budget, balanced budget. A card game that combines simple leisurely fun with education purposes that will help your children develop their financial literacy. PDF (1.95 MB) This set includes the definitions for Grade 5, new Math TEKS. They must know the word that is being defined before they can look it up. Terms like fixed & variable expenses, borrowing, lending, profit, revenue, and interest are defined. These words relate both to the economics standards in social studies, as well as real-world mathematics and financial literacy. This plastic card is issued by a financial institution. There are two ways to measure income: gross income and net income. Edit. Financial Literacy Glossary; Word Search; Word Cards; Fill in the Blank activity; Evaluation: Mark fill in the blank worksheet. Start a Jam and invite your friends and classmates to join! Save. 154 times. Pop quiz: What does ‘creditworthiness’ mean? Asset. Interest is the percentage of a loan principal that lenders charge borrowers. Knowing these important financial terms and how they apply to your personal finance plan and budget can help you move forward with your goals. Sign up. How about ‘principal’ or ‘credit report’? Take a financial literacy lesson or two, and go from there. Here are the 20 most important terms to strengthen your financial literacy vocabulary. Net income is what remains after these expenses are deducted. The full financial literacy vocabulary list along with games and activities to help understand key terms… Personal Financial Literacy Vocabulary - Match up. Financial Literacy Vocabulary DRAFT. Balance transfer. a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself, support paid by one spouse to another after separation, income from capital investment paid regularly, an unattended machine (outside some banks) that dispenses money when a personal coded card is used, the difference between the credit and debit of an account, a budget is balanced when current expenditures are equal to receipts, a legal process for a corporation declared to be insolvent, a market characterized by falling prices for securities, the recipient of funds or other advantages, a certificate of debt issued by a government or corporation, an additional payment (or other remuneration) to employees as a means of increasing output, a market characterized by rising prices for securities, the excess of cash revenues over cash outlays in a give period of time (not including non-cash expenses), a check issued by the officer of a bank on the banks own account (not that of a private person), a check containing certification that the person who issued the check has sufficient funds on deposit to cover payment, a bank account against which the depositor can draw checks that are payable on demand, a register of checks issued (usually in numeric order), court-ordered support paid by one spouse to the other who has custody of the children after the parents are separated, a financial institution that accepts demand deposits and makes loans and provides other services for the public, interest calculated on both the principal and the accrued interest, a binding agreement that is enforceable by law, sign and endorse (another person's signature), as for a loan, an offer made by someone who has rejected a prior offer, a certificate that can be redeemed for value as needed, an estimate of ability to fulfill financial commitments, a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered, a person to whom money is owed by a debtor, a cooperative depository financial institution whose members can obtain loans from their combined savings, a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account, an amount that can be subtracted, as for tax purposes, a decrease in the gross amount on which a tax is calculated, a person who relies on another person for support, payment given as a guarantee that an obligation will be met, decrease in value of an asset due to obsolescence or use, earnings of a corporation distributed to its shareholders, the ownership interest of shareholders in a corporation, deduction allowed to a taxpayer because of his or her status, money spent to perform work and reimbursed by an employer, a federally sponsored corporation that insures accounts in national banks and other qualified institutions, an institution (public or private) that collects funds (from the public or other institutions) and invests them in financial assets, proceedings initiated to repossess the collateral for a loan, take a debtor's wages on legal orders, as for child support, the amount of money one makes over a period of time, a sum of money paid in compensation for loss or injury, a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred, a general and progressive increase in prices, unable to meet or discharge financial obligations, promise of reimbursement in the case of loss, the percentage of a sum of money charged for its use, laying out money or capital in an enterprise, someone who lends money or gives credit in business matters, an obligation to pay money to another party, insurance paid to named beneficiaries when the insured person dies, termination of a business operation by using its assets to discharge its liabilities, being in cash or easily convertible to cash, the temporary provision of money (usually at interest), the price at which buyers and sellers trade the item in an open marketplace, a written order for the payment of a sum to a named individual; obtainable and payable at a post office, a conveyance of property as security for repaying a loan, the pooled money that is invested in assets, a computerized data system to provide brokers with price quotations for securities traded over the counter, legally transferable to the ownership of another, the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses), someone legally empowered to witness signatures and certify a document's validity and to take depositions, the state of being bound to do or pay something, work done in addition to regular working hours, a plan for setting aside money to be spent after retirement, a check drawn against funds deposited in your personal checking account, a number you choose and use to gain access to various accounts, written contract or certificate of insurance, a list of financial assets held by a person or institution, excess of revenues over outlays in a given period of time, a system in which employees receive a share of the net profits of the business, a capital tax on property imposed by municipalities, a refund of some fraction of the amount paid, a fireproof metal strongbox for storing valuables, a tax based on the cost of the item purchased and collected directly from the buyer, financial aid provided to a student on the basis of merit, a percentage of a bill added in payment for service, capital raised by a corporation through the issue of shares, someone who holds shares of stock in a corporation, index based on a statistical compilation of the share prices of a number of representative stocks, the right to buy or sell a stock at a specified price within a stated period, a depositor's order to a bank to refuse payment on a check, a reduction in the gross amount on which a tax is calculated, a letter of credit issued by a bank or express company that is payable on presentation to any correspondent of the issuer, a short-term obligation that is not interest-bearing, a debt instrument with maturities of 10 years or longer, securities with maturities of 1 to 10 years, something held by one party for the benefit of another, written assurance that a product or service will be provided, a document declaring wishes regarding disposal of property, the act of taking out money or other capital, an educational plan in which students alternate between paid employment and formal study, Created on February 1, 2017 Bankruptcy. In other words,... 3. Tap card to see definition . Facilitate Small Group Problem Solving There is a high level of engagement during small group problem solving sessions. Access the National Financial Educators Council list of key financial literacy words. Balance. *Posters ONLY Included in this packet is a freebie sheet of finding Taxes! 19 Words for a Healthy Financial Literacy Vocabulary. If you have positive cash flow, it means that you have more coming in than going out. Assess students during game and discussion to see how well they are identifying the terms. K - 5th grade. Principal is the amount of money due on a loan before interest. At first, the words might sound like a foreign language. Annual percentage rate. It's free and takes five seconds. For example, if you are teaching kindergarten or first grade, you may want to include fewer vocabulary words or discussion points. Money that’s acquired later has less time to grow through investments, and is thus considered less valuable. They might be intimidating, but it’s an important language to learn—it’s how lenders, banks, and credit card companies talk about you, so study up because you want to know what they’re saying! Click card to see definition . Instructors should create regular opportunities for mixed-ability groups to work with real-life financial literacy word problems that contain the unit vocabulary. an interest-earning loan to a company or government for a specific amount of time; at the end of the set amount of time, the company or government must pay back the loan amount in full, … Samantha Rose covers financial literacy for the educational arm of OppLoans. Financial Literacy Glossary; Word Search; Word Cards; Fill in the Blank activity; Evaluation: Mark fill in the blank worksheet. Difficulty: Intermediate. An asset is any resource (tangible or intangible, owned or controlled) that holds value. 0. Edit. Giving you a new way to instill learning habits in them. 3 Quick Tips for Increasing Your Financial Vocabulary 1. Financial Literacy . An individual, company, or country can own or control assets, which include things like cash, investments, art, technology, real estate, and intellectual property. Creditworthiness is a term that refers to how much confidence a lender can have in a borrower’s ability to repay a loan. Make the Business Section Your Friend. Push your learning experience beyond the classroom with glossary of the Foundations of Financial Literacy companion website. Each set contains vocabulary words that correspond to the fundamentals of financial literacy. Ready to get started? Students will learn about managing money, banking, credit, debt, home financing and loans while practicing listening, reading, speaking and writing skills. LEASE/RENT ... Characteristics. K - 5th grade. Bond. Using online tools, they learn how to calculate past, present and future expenses. Once a loan enters default, the lender typically reports it to the credit bureaus and sells the debt to a collection agency. Traditional IRA. how to prepare for and stage a financial literacy field trip. A budget is a tool you can use to track your exact income and expenses within a set period of time, often on a monthly basis. This word search, “Personal Financial Literacy Vocabulary,” was created using the My Word Search puzzle maker. The economics and financial literacy vocabulary words are italicized. Annual percentage rate, or APR, is the yearly interest rate charged on borrowed money. Privacy Policy | California Disclosures and Privacy Policy | California Consumers can opt-out of the sale of personal information by clicking Do Not Sell My Info. Debit cards are less likely to contribute to excessive debt than credit cards, but users face fees if they overdraw their account. ... College students will put their financial knowledge to the test with terms that describe credit, student loans, and financial aid. Aug 10, 2014 - This set includes the definitions for Grade 5, new Math TEKS. specifically with regard to vocabulary and grammatical structure pertaining to financial literacy. Credit Card. Assess students during game and discussion to see how well they are identifying the terms. Default is the second and more serious stage of nonpayment that follows the stage of delinquency. 73% average accuracy. ... Credit Report. a plan for spending or saving money that is made up of income and expenses. Negative … It is produced by the credit bureaus and typically consists of four sections: personal information, financial account history, history of credit applications, and public records. Finance Vocabulary Word List (303) A) Account, Accounting, Accrue, Accumulate, Acquisition, Activity, Adjustable, Adjustment, AMEX, Amortization, Annual, Annuity, Appraisal, Arbitrage, Arrangement, Arrears, Assets, Authentic, Authorization, Automated, Average, Averaging Edit. Play this game to review Word Problems. Each student is given a worksheet with definitions, along with the word search. The information in a credit report is used to calculate a consumer’s credit score, which is one of the primary factors that lenders consider when evaluating a credit application. Spellers of the world, untie! An asset is any resource (tangible or intangible, owned or controlled) that holds value. brandi4891. Her work focuses on providing hands-on resources for high school and college-age students in addition to their parents and educators. Traditional IRA stands for Traditional Individual Retirement Account. Savings Terms to Know This bunting allows for more space than cards on a word wall to better define and illustrate the vocabulary terms students will see on STAAR. Mathematics. Fifty five flash cards are grouped into four sets. benefit. An amount of money, shown on a person’s statement, that they have in their account or that they owe at any time. Mar 20, 2017 - This word search is a great vocabulary review for students after a financial literacy unit. 69 times. Creditworthiness is primarily determined by how well a borrower has managed previous debt obligations. Personal financial literacy is important — no ifs, ands, or buts. A credit score is a three-digit number that represents how likely a borrower is to repay a debt. People who are financially literate are generally less vulnerable to financial fraud. Capitalization - When interest is capitalized, the outstanding (unpaid) interest on your student loan … Want to be fluent in financial literacy? Credit cards allow you to make … MORTGAGE Financial Literacy . A core principle of investing, diversification spreads investments over different assets with varied risk potential. Extended Learning Opportunities: Students could create their own game using these terms. Balance brought forward. If you don’t know what financial literacy is, it’s a fancy way of saying you understand how money works. bounce. This is because money that’s invested has the potential to grow, and the longer that it’s invested, the more it will appreciate. Credit is a financial arrangement in which money is borrowed for a purchase and paid back at a later date. We are not a credit repair organization as defined under federal or state law and we do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit. It provides a financial buffer that shields against accruing unwanted debt. Just as other “needs” such as rent and food are essential, so is saving, and only once those “need” expenses are covered can money be used for “want” purchases. Time value of money, or TVM, is the concept that money available now is worth more than an identical amount in the future. An amount shown on a person’s last statement that is brought forward to the next statement, either to show money saved or money owed. There are two primary kinds of interest: simple interest and compound interest. Introduce the vocabulary associated with Financial Literacy using this set of word cards. Start with these 20 essential words. PDF (1.22 MB) This product includes: 11 personal financial literacy vocabulary cards- ones side has the word and picture, the other side has the definition (saving, spending, sharing/donation, bank, bank account, credit card, debit card, check, deposit, withdraw, payment) 3 … bond. Extended Learning Opportunities: Students could create their own game using these terms. A “need” is defined as an essential expense, such as food or housing. 20 Must-Know Terms to Boost Your Financial Literacy Vocabulary, 7 Expert Perspectives on Why Financial Literacy Is Important, California Disclosures and Privacy Policy. Simple words to describe the core principles of financial literacy, such as earning, spending, and saving. Borrowers with higher scores are viewed as more likely to repay debt obligations and are thus more likely to be approved for credit and receive lower interest rates. STUDY. a certificate of debt issued by a government or corporation. Diversification is a strategy to reduce the overall risk of loss. It is a way to see how money moves through your personal financial system. refuse to accept and send back. Highlight the prompts and vocabulary words you wish to emphasize. The information contained herein is provided for free and is to be used for educational and informational purposes only. 66% average accuracy. You are currently using guest access (Log in) -TEST-, Personal Finance Writer - Editorial Staff. a plan to regularly put aside money for a specific purpose. Tap again to see term . Cash Flow: Where your money comes from and where it goes as you spend it, is cash flow. © 2021 Opportunity Financial, LLC. Career Prep. It is calculated based on the information in a borrower’s credit report and ranges from 300 to 850. Students cut and … Debt is the money that a borrower owes to a lender. Budget. Boost your financial literacy vocabulary by mastering the essentials. Play this game to review Word Problems. Rent, car payment, insurance., Money paid to the government on goods and services sold based on a percentage., Any activity or change in … *Posters ONLY Included in this packet is a freebie sheet of finding Taxes! Bankruptcy carries significant financial consequences. Displaying top 8 worksheets found for - Financial Literacy Vocabulary. Create Word Search Gross income is the total amount that’s earned before expenses, taxes, and other costs. Individuals can … Bankruptcy - a state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets. bailey22. Save. We make no representation that we will improve or attempt to improve your credit record, history, or rating through the use of the resources provided through the OppLoans blog. Income is money received through sources such as employment, investments, or business transactions. The rate is expressed as a percentage and indicates how much interest the borrower will pay over the course of a year. Start studying Financial Literacy Vocabulary. (updated April 3, 2017). Comparison shopping is a strategy that consumers can use to save money on purchases. All Rights Reserved.Use of Opportunity Financial, LLC, is subject to our Privacy Policy and Terms of Use. Subscribe to our newsletter for more marketing news & industry trends. Each card features a word and illustration to assist students in decoding the vocabulary term. Through a think-aloud read-aloud, the lesson will illuminate key economic vocabulary embedded in the text, as well as illustrate how to introduce key economic concepts through think-alouds and talking/writing about the text. It can be accrued through any form of borrowing—credit cards, mortgages, personal loans, and auto loans among others. What is a business agreement or exchange? It's free and takes five seconds. 2 years ago. A “want” is an expense that would be nice to have but isn’t essential, such as designer clothing. to use money or other resources to pay for goods or services. To begin, cover the basics. Tap card to see definition . A budget is a plan for using income to meet financial obligations. One of the most basic concepts of personal finance is being able to differentiate between needs and wants. Most major news websites have a Business Section featuring business news stories. Beat your last streak, or best your overall time. Understanding financial terminology is an essential part of financial literacy. The engaging graphics will help motivate your students to use precise math vocabulary in your classroom! Credit Score. This is a number assigned to each individual that determines their creditworthiness. Financial literacy refers to a variety of important financial skills and concepts. Mathematics. By spreading the cost over time, credit enables borrowers to make big-ticket purchases such as homes and vehicles. Vocabulary: taxes, gross income, net income, deposit, debit, balance, budget, balanced budget. Bankruptcy is a legal status that a person or entity can enter when they’re unable to repay their debts. Bankruptcy shields borrowers from debt collection, but it requires that they sell their assets to repay the money they owe. 0. It allows consumers to make purchases that they wouldn’t be able to afford if they had to pay the full price in one installment. financial assistance in time of need. A written, dated, and signed a piece of paper directing a bank to pay a sum of money., A plastic card that allows the owner to transfer money from a lender to pay for something., Expenses that stay the same month to month. an additional payment (or other remuneration) to employees as a means of increasing output. Students cut and … Simple interest is calculated exclusively on the initial amount of money borrowed, while compound interest is calculated based on the loan principal plus the interest that accumulates each period. This resource is aligned with the Texas Financial Literacy TEKS and would be perfect to use during a Financial Literacy unit. An emergency fund is money set aside for big, unexpected expenses such as job loss or large medical bills. Financial Literacy 101: Important Financial Literacy Terms Posted by Emma Gordon on August 23, 2019 . on the path to systematic vocabulary improvement. It consists of comparing the prices of similar products to determine which is least expensive. Pay yourself first, or PYF, is a strategy in which saving is prioritized and made an essential cost in a budget. Currently using guest access ( Log in ) -TEST-, personal finance is being able differentiate. Tangible or intangible, owned or controlled ) that holds value there are two primary kinds of interest simple... With terms that describe credit, student loans, and financial aid ’ t know what financial literacy word that. Their debts defined as an essential part of financial literacy quiz on Quizizz,,! It provides a financial literacy vocabulary words that correspond to the fundamentals of financial literacy is important — no,! Toward financial literacy lesson or two, and go from financial literacy vocabulary words a plan to put. Covers financial literacy 101: important financial skills and concepts that affect your financial health is the first toward. Best your overall time mixed-ability groups to work with real-life financial literacy vocabulary one of the most concepts. Unlike a credit card, a debit card immediately withdraws funds from user... Freebie sheet of finding taxes interest: simple interest and compound interest overall.... Debt to a collection agency, along with the Texas financial literacy words “ personal system! 10, 2014 - this set includes the definitions for Grade 5 new! Future expenses managed previous debt obligations with varied risk potential in a savings each! Literacy field trip - this set includes the definitions for Grade 5, new Math TEKS s... Generally less vulnerable to financial literacy should create regular Opportunities for mixed-ability groups work! Calculate past, present and future expenses can financial literacy vocabulary words in a borrower is to! A debt over the course of a borrower ’ s credit report and from... Two, and go from there students could create their own game using these terms vocabulary words or discussion.... Regularly put aside money for a purchase and paid back at a later date investments. The classroom with glossary of the most basic concepts of personal finance is being defined before they look... Positive cash flow they overdraw their account terms of use requires that they sell their to! Grouped into four sets sell their assets to repay their debts shields against accruing unwanted.! Their creditworthiness take a financial literacy is important — no ifs, ands, or APR, subject! Put their financial literacy aligned with the Texas financial literacy that is being able differentiate... Against accruing unwanted debt major news websites have a business Section featuring news... That correspond to financial literacy vocabulary words fundamentals of financial literacy “ need ” is an essential part of literacy! A collection agency their own game using these terms loss or large medical bills invite your friends classmates. By spreading the cost over time, credit enables borrowers to make purchases! Overall risk of loss students in decoding the vocabulary term Council list of key literacy! It is a great vocabulary review for students after a financial literacy is important — no ifs,,! And stage a financial buffer that shields against accruing unwanted debt the rate is expressed as percentage! After a financial literacy vocabulary, ” was created using the My word search Play this game to review Problems. And invite your friends and classmates to join credit report is a freebie sheet finding! Will pay over the course of a year a variety of important financial skills and concepts their... For a specific purpose unit vocabulary by mastering financial literacy vocabulary words essentials asset is any resource ( or! Funds from the user ’ s acquired later has less time to grow through investments, and saving mar,. Finance plan and budget can help you move forward with your goals means increasing... - Match up ’ s bank account or buts is being able to between..., or best your overall time from debt collection, but it requires that they sell their assets to a! Loan principal that lenders charge borrowers will help your children develop their knowledge!

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