LifePac Grade 12, matching: U9 P1, P2, and P3

(budget guideline) Food

10 (%)

(budget guideline) Taxes (actual percent)

20 (%)

(budget guideline) Housing and Utilities

25 to 40 (%)

(budget guideline) Clothing

5 (%)

(budget guideline) Savings

5 or more (%)

Federal Pell Grant

Assistance from the government which is not to be repaid; many run in the thousands of dollars

servicing fee

Charges such as loan fees and the interest the customer pays on the loan.

federal student aid

Government financial help; it may be in the form of a grant or a loan.

overextending

Stretching one's credit beyond the financial guidelines.

annual return

The amount a savings account will earn on interest in the course of a calendar year

Expected Family Contribution

The assumed amount that the family will contribute to the student's college tuition.

processing a loan

The job of putting loan applications into official consideration.

installment payment

Your IRA money is meted out in periodic payments rather than one large sum

"no haggle" dealership

a car market where the price stickers is the final sale price

debit card

a card that acts like a check; when you make a purchase, the money is removed from your checking account immediately

taxation

a charge due the government for the money you are earning

penalty

a charge is added against you if you should withdraw your money before the agreed-upon date

password

a coded word or number used to provide security to the cardholder

inventory

a detailed list of things on hand or in possesion

credit union (P3)

a financial cooperative that provides loans to is members at lower rates of interest

credit union

a financial cooperative that provides loans to is members at lower rates of interest than would be available at other institutions

warranty

a guarantee that is legally binding to hold the dealership to what it has promised

cooperative

a joint economic activity that is owned and operated by those who use its services

unsubsidized

a loan that will charge you interest from the start

subsidized

a loan where you will not be charged any interest before you begin repayment

Knights Templar

a medieval group that guarded valuables and negotiated loans as well as transporting money

non-sufficient funds

a notice sent to the customer if his deposits are not enough to cover the costs of the check he has written

interest (P3)

a percentage of the amount in the savings account which is a reward for the bank's use of money

interest

a percentage of the amount loaned which is a charge for the use of the money

individual retirement account

a savings-for-retirement plan that defers taxes until the due date

interest rate

a set percentage of the deposited amount that will be given to the depositor

cashless society

a society where consumers rely solely on credit cards, debit cards, electronic accounts and checks

grace period

a time when there is no obligation to repay your loan

credit history

a years-long record of how well a person applies their bills and is financially responsible

processed

actions which take the check from the merchant to the accounting centers of the bank

surcharges

added fees for various services

library

an alternative to a bookstore

sponsor

an overseer who approves, condones, and assists in the formation and continuation of a credit union

building and loan association

another name for savings and loan association, originally built to assist first-time home buyers

financial aid

assistance for the potential college student

tax-free rollover

avoiding taxes by having the distribution go from a qualified plan

education loan

borrowing money from the bank for college tuition or other higher education expenses

interchange fee

charges that your bank must pay if you use an ATM that is "foreign" meaning not owned by your bank

traveler's checks

checks which function almost like cash, but are replaceable if lost or stolen

Better Business Bureau

consumer "watchdog" assists the car buyer by reporting unfair business practices

default

failure to fulfill a financial obligation

serial association

form of savings and loan; found new ways of financial assistance rather than closing

lump-sum

having your IRA money given to you in one large amount instead of in increments

savings and loan

institutions that give less products than a bank would but make up for it by giving better return

capitalized

interest added to the principal amount of loan; more interest will be based upon the higher amount

residential mortgage loan

loans that are assisting non-commercial purposes; they are helping people buy houses

impulse buying

making a purchase on the spur of the moment without careful planning

factory direct

manufacturer-to-consumer selling.

tax-deferred

no taxes are due until the required time; the payments are held off

deferment

official permission to postpone the payments of a loan

share

one of the equal parts divided up by a corporation

steward

one who manages money or other affairs of a household

installment payments

paying on a regular basis at a set time each month or parts of a year

account balance information

provides you with current balances on checking, savings, and other accounts you may have in your bank

tax-deductible contribution

putting your money given to you in one large amount instead

federal-chartered

registered with the United States government

state-chartered

registered with the state in which the credit union resides

monthly statement

regular mailed account of your bank transactions and financial activity

collateral

something given to guarantee repayment of a loan

serial number

specific number for the purpose of verification and location in case of theft or misplacement.

certificate of deposit

statement that a sum has been deposited for amounts of time, sometimes at a higher rate of interest

"A" type credit

strong credit history hat gives the bank good reason to approve the loan

check date

tells the bank the length of time used in the processing of the check as well as the day of purchase

denomination

the amount of the traveler's check, such as $10 or $20

bank balance

the current money available in the depositor's account

time deposit

the deposit that gives a certain amount of interest in a specified

refund policy

the guidelines and regulations that define how and when you get repaid on case of theft or misplacement

ceiling

the limit on an amount given

payee

the person who will receive the check as payment

issuing bank or agency

the place where you bought the traveler's checks

inquiry

the program to access to find our about your personal account palances

field of membership

the range of eligibility for a credit union, such as a teacher's credit union or a bricklayer's credit union

minimum balance

the smallest amount allowed in an account without a financial penalty

distribution

the term used to describe when your money is to be paid to you

frivolous

trivial, not requiring serious thought; considered silly

rollover

when the IRA gets money from another qualified plan and usually at an employee's retirement

option

will cost you above the price of the car

overdrawing

writing a check for more money than is available in your account

checking account

written orders that direct payment from a bank based upon the funds available from a depositor's account

using the Internet

you may find tips on savings, dealerships and financing that you may have not known before