Evefi

Vocational Training

(n) the learning of skills that prepare you for a job

Associates Degree

2 year college degree from a community college, university, college, or technical school. The recipient of an Associate's Degree can then transfer the credits toward a 4 year Bachelor's Degree.

Scholarship

A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements

Checking account

A type of bank of account in which interest is not usually applied to the principal, but offers a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check.

Job Skills

Specific tasks or procedures a person can do to complete a job

Community College

Type of college with up to 2-year programs leading to certificates, diplomas, or associate degrees.

Prepaid Cards

a card that allows you to put a specific amount of money onto it. Prepaid cards usually come with additional fees and charges, such an activation fee, a fee for each purchase, or fees if you don't use the card for a specific amount of time.

Interest

a monetary fee you are charged for borrowing money

Debit card

a payment type that allows you to make purchases using money directly from your checking account

Credit card

a payment type that does not automatically draw money from your checking account. It provides a short-term loan from the credit card company. At the end of each purchase period (usually a month), you receive a bill with all of your charges. You will have the option to pay off your balance (the amount you owe) or pay the minimum payment. If you do not pay your entire balance, you start to pay interest on the money you owe.

Tuition

a sum of money charged for teaching or instruction by a school, college, or university.

Credit score

a three-digit numerical rating of how likely you are to pay off your debts

Savings Account

a type of savings vehicle in which interest is earned on the deposit amount (principal). Savings accounts usually require a minimum balance, offer lower interest rates, and have restrictions on the number of withdrawals allowed within a given time period.

Credit Bureau

an agency that tracks a borrower's credit and payment history to determine their credit score

Annual Percentage Rate

interest rate charged by a credit card company on any outstanding credit card balance

Doctoral Degree

postgraduate academic degree awarded by universities, highest level of academic degree. Everyone is familiar with the medical doctor, who holds an M.D. (Medical Doctorate). But you can earn a doctorate in almost any subject area, Doctor of Philosophy, abbreviated as PhD.

Credit limit

the total amount of money you can charge to your credit card

Deposit

when money is added into a bank account, also know as a 'credit