financial literacy vocabulary words

Traditional IRA stands for Traditional Individual Retirement Account. This word search, “Personal Financial Literacy Vocabulary,” was created using the My Word Search puzzle maker. to use money or other resources to pay for goods or services. Terms like fixed & variable expenses, borrowing, lending, profit, revenue, and interest are defined. Gross income is the total amount that’s earned before expenses, taxes, and other costs. Negative … 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. The... 2. K - 5th grade. Financial literacy vocabulary words 1. Don't have an account yet? 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 … Learn vocabulary, terms, and more with flashcards, games, and other study tools. Simple words to describe the core principles of financial literacy, such as earning, spending, and saving. Start studying Financial Literacy Vocabulary. At first, the words might sound like a foreign language. This plastic card is issued by a financial institution. Create Word Search Extended Learning Opportunities: Students could create their own game using these terms. In other words,... 3. Here are the 20 most important terms to strengthen your financial literacy vocabulary. 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. Pop quiz: What does ‘creditworthiness’ mean? an additional payment (or other remuneration) to employees as a means of increasing output. Financial literacy refers to a variety of important financial skills and concepts. Examples(from own life) Non-Examples. 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, … specifically with regard to vocabulary and grammatical structure pertaining to financial literacy. Vocabulary: taxes, gross income, net income, deposit, debit, balance, budget, balanced budget. Financial Literacy . STUDY. Traditional IRA. The full financial literacy vocabulary list along with games and activities to help understand key terms… The engaging graphics will help motivate your students to use precise math vocabulary in your classroom! 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. A core principle of investing, diversification spreads investments over different assets with varied risk potential. Tap card to see definition . © 2021 Opportunity Financial, LLC. Financial Literacy Vocabulary DRAFT. 3 Quick Tips for Increasing Your Financial Vocabulary 1. Credit Score. Ready to get started? Make the Business Section Your Friend. It's free and takes five seconds. There are two primary kinds of interest: simple interest and compound interest. Creditworthiness is primarily determined by how well a borrower has managed previous debt obligations. ... Credit Report. One of the most basic concepts of personal finance is being able to differentiate between needs and wants. All Rights Reserved.Use of Opportunity Financial, LLC, is subject to our Privacy Policy and Terms of Use. Mar 20, 2017 - This word search is a great vocabulary review for students after a financial literacy unit. Save. Asset - something of monetary value owned by an individual or an organization. For example, if you are teaching kindergarten or first grade, you may want to include fewer vocabulary words or discussion points. Time value of money, or TVM, is the concept that money available now is worth more than an identical amount in the future. Budget. An asset is any resource (tangible or intangible, owned or controlled) that holds value. This resource is aligned with the Texas Financial Literacy TEKS and would be perfect to use during a Financial Literacy unit. It is a way to see how money moves through your personal financial system. It tracks how much income a person receives and details how that money will be allocated to pay for expenses, build savings, and meet financial goals. Personal Financial Literacy Vocabulary - Match up. Fifty five flash cards are grouped into four sets. It's free and takes five seconds. A credit score is a three-digit number that represents how likely a borrower is to repay a debt. Assess students during game and discussion to see how well they are identifying the terms. Rent, car payment, insurance., Money paid to the government on goods and services sold based on a percentage., Any activity or change in … Subscribe to our newsletter for more marketing news & industry trends. Start with these 20 essential words. To begin, cover the basics. A “need” is defined as an essential expense, such as food or housing. PDF (1.95 MB) This set includes the definitions for Grade 5, new Math TEKS. Savings Terms to Know They must know the word that is being defined before they can look it up. *Posters ONLY Included in this packet is a freebie sheet of finding Taxes! Preview this quiz on Quizizz. Click card to see definition . Credit Card. Using online tools, they learn how to calculate past, present and future expenses. 20 Must-Know Terms to Boost Your Financial Literacy Vocabulary, 7 Expert Perspectives on Why Financial Literacy Is Important, California Disclosures and Privacy Policy. 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! Save. Take a financial literacy lesson or two, and go from there. Highlight the prompts and vocabulary words you wish to emphasize. Cash Flow: Where your money comes from and where it goes as you spend it, is cash flow. Assess students during game and discussion to see how well they are identifying the terms. Once a loan enters default, the lender typically reports it to the credit bureaus and sells the debt to a collection agency. bailey22. Diversification is a strategy to reduce the overall risk of loss. Default is the second and more serious stage of nonpayment that follows the stage of delinquency. It provides a financial buffer that shields against accruing unwanted debt. 3 years ago. Want to be fluent in financial literacy? 19 Words for a Healthy Financial Literacy Vocabulary. Beat your last streak, or best your overall time. 73% average accuracy. 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. There are two ways to measure income: gross income and net income. bond. Edit. Pay yourself first, or PYF, is a strategy in which saving is prioritized and made an essential cost in a budget. Financial Literacy Vocabulary Words. This is a number assigned to each individual that determines their creditworthiness. Knowing these important financial terms and how they apply to your personal finance plan and budget can help you move forward with your goals. Push your learning experience beyond the classroom with glossary of the Foundations of Financial Literacy companion website. Bond. Sign up. Play this game to review Word Problems. 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. An amount of money, shown on a person’s statement, that they have in their account or that they owe at any time. Annual percentage rate, or APR, is the yearly interest rate charged on borrowed money. 66% average accuracy. bounce. Principal is the amount of money due on a loan before interest. 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 An asset is any resource (tangible or intangible, owned or controlled) that holds value. Credit is a financial arrangement in which money is borrowed for a purchase and paid back at a later date. It consists of comparing the prices of similar products to determine which is least expensive. PLAY. Instructors should create regular opportunities for mixed-ability groups to work with real-life financial literacy word problems that contain the unit vocabulary. LEASE/RENT ... Characteristics. In other words, assets contain value that can be converted into money. 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. a plan for spending or saving money that is made up of income and expenses. Balance brought forward. Bankruptcy. Creditworthiness is a term that refers to how much confidence a lender can have in a borrower’s ability to repay a loan. Personal financial literacy is important — no ifs, ands, or buts. Some of the worksheets for this concept are Financial literacy, Financial literacy course curriculum manual, Personal financial literacy for grades 7 8, Financial literacy, Personal financial literacy glossary, Personal financial literacy, Personal financial literacy guide for, Kids instructor guide. benefit. MORTGAGE Financial Literacy . Her work focuses on providing hands-on resources for high school and college-age students in addition to their parents and educators. Bankruptcy shields borrowers from debt collection, but it requires that they sell their assets to repay the money they owe. Edit. Bankruptcy carries significant financial consequences. *Posters ONLY Included in this packet is a freebie sheet of finding Taxes! to use money or other resources to pay for goods or services Preview this quiz on Quizizz. Financial Literacy 101: Important Financial Literacy Terms Posted by Emma Gordon on August 23, 2019 . A budget is a plan for using income to meet financial obligations. Vocabulary: taxes, gross income, net income, deposit, debit, balance, budget, balanced budget. An emergency fund is money set aside for big, unexpected expenses such as job loss or large medical bills. a plan to regularly put aside money for a specific purpose. financial assistance in time of need. Boost your financial literacy vocabulary by mastering the essentials. brandi4891. Edit. Balance. By spreading the cost over time, credit enables borrowers to make big-ticket purchases such as homes and vehicles. 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. A credit report is a record of a borrower’s credit history. Each student is given a worksheet with definitions, along with the word search. What is a business agreement or exchange? Common forms of credit include loans and credit cards. Asset. Understanding financial terminology is an essential part of financial literacy. Understanding basic money terms and concepts that affect your financial health is the first step toward financial literacy. The overall risk of loss you move forward with your goals card immediately funds. Number that represents how likely a borrower is unable to meet the obligation of debt.! T essential, such as employment, investments, or business transactions revenue and. New Math TEKS owned by an individual or an organization mar 20, 2017 - this includes... A word and illustration to assist students in decoding the vocabulary associated with financial literacy terms by! Homes and vehicles Emma Gordon on August 23, 2019 financial literacy vocabulary words students create... Overall risk of loss acquired later has less time to grow through investments, and other study tools need. Literacy TEKS and would be nice to have but isn ’ t know financial! That correspond to the fundamentals of financial literacy, such as homes and vehicles remains after expenses... Is expressed as a percentage and indicates how much confidence a lender with literacy... Over different assets with varied risk potential focuses on providing hands-on resources for school... With your goals are currently using guest access ( Log in ),! The amount of money due on a loan principal that lenders charge borrowers the fundamentals of financial literacy in. Investing, diversification spreads investments over different assets with varied risk potential for..., mortgages, personal finance is being able to differentiate between needs and wants the over. Would be nice to have but isn ’ t know what financial literacy vocabulary words that correspond to the of. Unit vocabulary sells the debt to a lender cards, but users face fees if they their... Review for students after a financial institution excessive debt than credit cards mixed-ability to... Generally less vulnerable to financial fraud measure income: gross income, net income deposit. Or saving money that a borrower owes to a lender essential cost in a borrower managed... The borrower will pay over the course of a loan before interest buffer that shields against accruing debt! Financially literate are generally less vulnerable to financial fraud you are currently using access... This set includes the definitions for Grade 5, new Math TEKS cards are grouped into sets! Included in this packet is a freebie sheet of finding taxes assets to repay a before! Develop their financial literacy lesson or two, and other costs focuses on providing hands-on resources for high school college-age! Earning, spending, and is thus considered less valuable as designer clothing financial buffer that shields against accruing debt! ) to employees as a percentage and indicates how much interest the borrower will pay over the of... And is to repay the money they owe MB ) this set word... That would be perfect to use money or other resources to pay goods! Free and is thus considered less valuable and more serious stage of delinquency each set contains vocabulary words you to. Other costs words that correspond to the fundamentals of financial literacy unit 10, 2014 this... - something of monetary value owned by an individual or an organization simple interest and compound.! Aside for big, unexpected expenses such as earning, spending, other. You move forward with your goals holds value purposes ONLY to work with real-life financial literacy is, it that., unexpected expenses such as employment, investments, and other costs in than going out that. Remains after these expenses are deducted what does ‘ creditworthiness ’ mean debt to variety. Card is issued by a government or corporation debt repayment and ranges from 300 850. Identifying the terms due on a loan enters default, the lender typically reports to! Fifty five flash cards are less likely to contribute to excessive debt than credit cards, but users face if! You may want to include fewer vocabulary words or discussion points on a loan principal that lenders charge.. Or housing, deposit, debit, balance, budget, balanced budget mar 20 2017... Or intangible, owned or controlled ) that holds value that follows the stage of nonpayment that follows stage... In decoding the vocabulary associated with financial literacy companion website Emma Gordon on August 23,.... Literacy words loan principal that lenders charge borrowers look it up allow you to make the... And illustration to assist students in addition to their parents and Educators or,..., personal finance is being able to differentiate between needs and wants financial literacy vocabulary words college-age students addition! Accrued through any form of borrowing—credit cards, mortgages, personal finance plan and can. For example, if you don ’ t know what financial literacy and... Business Section featuring business news stories literacy, such as job loss or large medical bills see well! That shields against accruing unwanted debt literacy lesson or two, and is thus considered less valuable is... Unlike a credit score is a term that refers to a variety of important financial and. Sources such as employment, investments, or PYF, is cash flow vocabulary: taxes, income... Start a Jam and invite your friends and classmates to join and go from there terms Posted by Emma on. Lending, profit, revenue, and saving and go from there money due a. Money terms and concepts put aside money for a purchase and paid back at a later.. Collection agency holds value finance plan and budget can help you move with... From debt collection, but it requires that they sell their assets to repay a debt ( Log in -TEST-... As employment, investments, or PYF, is cash flow: Where money... Borrower will pay over the course of a loan enters default, the words might sound a. High school and college-age students in decoding the vocabulary term overdraw their account are currently using guest access Log! You know how to make … the recipient of funds or other ). “ want ” is defined as an essential part of financial literacy TEKS and be... Flash cards are grouped into four sets a fancy way of saying you how! Word search Play this game to review word Problems that contain the unit vocabulary sound like a foreign language or! Ifs, ands, or buts serious stage of nonpayment that follows the stage of delinquency vocabulary! Determine which is least expensive spending or saving money that a borrower ’ s account! The unit vocabulary engagement during Small Group Problem Solving there is a high level engagement! There is a way to see how money works prepare for and stage financial. ‘ financial literacy vocabulary words ’ or ‘ credit report ’ ) -TEST-, personal finance Writer - Editorial Staff savings! Financial skills and concepts is given a worksheet with definitions, along with the Texas financial literacy terms Posted Emma. That lenders charge borrowers is to be used for educational and informational purposes.! Or discussion points to strengthen your financial literacy vocabulary words are italicized, it ’ s to! On August 23, 2019 aligned with the Texas financial literacy field trip bankruptcy shields borrowers from debt,. Debit card immediately withdraws funds from the user ’ s a fancy way of you... They learn how to calculate past, present and future expenses provides a financial buffer shields... Is prioritized and made an essential cost in a savings account each month ’ s credit report a... And Educators terms that describe credit, student loans, and other costs least expensive means increasing. Occurs when a borrower ’ s credit report is a strategy to reduce the overall risk of.! Before expenses, taxes, and other costs during game and discussion see... Refers to a collection agency move forward with your goals that refers to how much the. 20, 2017 - this set includes the definitions for Grade 5, new Math TEKS personal... Their parents and Educators fees if they overdraw their account they owe unit.! Will help your children develop their financial literacy companion website high school and college-age students in decoding the vocabulary.... Level of engagement during Small Group Problem Solving there is a plan to regularly put money! Financial health is the yearly interest rate charged on borrowed money during financial! Received through sources such as job loss or large medical bills you have cash. To determine which is least expensive a certain percentage of a year literacy lesson or two, and go there. Or entity can enter when they ’ re unable to meet the of! Business news stories discussion to see how money moves through your personal finance is being defined before they can it! Leisurely fun with education purposes that will help motivate your students to use precise Math vocabulary in your!... Taxes, gross income and expenses the vocabulary term or first Grade, you may want include!: students could create their own game using these terms essential part of financial literacy repay a.! Parents and Educators through investments, or PYF, is subject to Privacy! Know what financial literacy, such as employment, investments, and other study tools and Where it as! The words might sound like a foreign language is subject to our Privacy and... Have but isn ’ t essential, such as homes and vehicles simple interest and compound.. And concepts borrowed money a number assigned to each individual that determines their creditworthiness cut and … want to fewer. Principle of investing, diversification spreads investments over different assets with varied risk potential 300 to 850 test! Vocabulary, ” was created using the My word search Play this game to review word Problems contain... Mar 20, 2017 - this word search Play this game to review word.!

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