Personal finance vocabulary

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Personal finance vocabulary

  1. 1. Personal Finance VocabularyIncome – money that comes in from work, or investments.Occupation – work a person does to earn a livingWage – hourly rate of money paid for workSalary – yearly amount of money paid for work.Gross pay – total amount of paycheck BEFORE deductions are taken out.Net Pay – amount of paycheck AFTER deductions are taken out.
  2. 2. Spending – pay out money for a good or serviceNeeds – things that are essential like clothing, shelter, or food.Wants – things that are non-essential that are desired.Opportunity cost – what you give up in order to get something else.Personal budget – a plan for how to spend your income.Fixed expenses – amount of cost that stays the same.Variable expense – amount of cost that changes depending on circumstances.
  3. 3. Credit – a promise to pay laterDebt – something owed to anotherShort term goals – something you want to accomplish pretty quicklyLong term goals – something you want to accomplish over timeInterest – money paid for the use of money – usually a percentageRisk – chance of lossReward – return made for something done

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