Everfi Financial Literacy for High School Vocabulary (33)

Consumer

A person who buys or receives goods or services.

Checking Account

An account at a financial institution into which money is deposited and from which checks can be written for purchases or services; may be used to receive wages and pay bills.

unsecured loan

a loan that doesn't require any collateral

Debit Card

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

Mobile Banking

A banking feature that provides access to an individual's account via their smartphone or tablet.

Credit Card

A card issued by a financial institution that lends money to be used for in-person and online purchases.

Short-term financial goal

A financial goal that will take less than one year to achieve.

Long-term financial goal

A financial goal that will take more than five years to achieve.

Bank

A for-profit financial institution that is federally licensed to receive deposits and issue loans.

Budget

A plan for income and expenses during a set period.

Check

A written, dated, and signed draft that directs a bank to pay a specific sum of money to a person or company.

Direct Deposit

An automatic deposit to your account made by your employer

Down payment

An initial payment made when something is bought using credit.

Savings Account

An interest-bearing account used to hold money for short- or long-term goals or emergencies.

secured loan

Loan that is backed up by collateral

Deposit

Money added to an account.

Cash

Money in coins or notes.

Interest

Money paid at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Income

Money received or earned for work done, from investments or other sources.

Expense

Money spent on something.

Need

Something an individual must have to survive.

Want

Something an individual would like to have.

Debt

The amount of money you owe to a lender you've borrowed from.

return on investment (ROI)

The educational outcome achieved per dollar spent on education. For college, this means estimating how much a college degree costs versus your earning potential over time.

Certificate of Deposit (CD)

a savings account that pays interest for a set period of time

money market account (MMA)

a type of savings account that requires a higher minimum balance than a regular savings account, but offers a higher interest rate. Can withdraw when needed

collateral

something pledged as security for repayment of a loan, to be forfeited in the event of a default.

Unit price

the cost per unit