Both methods first require you to figure your taxable income. In most cases, you can’t spend more money than you have already loaded onto your prepaid card. PLAY. An item with economic value, such as stock or real estate. by: moneyweek. Discover (and save!) A measure of the ability and ease with which you can access and use your money. 2. For example, a closed-loop card might be good only at a specific store or group of stores or on your public transportation system. Expenses that come up unexpectedly, are very important, and need attention right away. Generally, states use one of two methods to determine income tax: the graduated income tax or the flat rate income tax. What is the definition of financial literacy? It is a number your school uses to calculate the amount of federal student aid you are eligible to receive. Money earned or received such as wages or salaries, tips, commissions, contracted pay, government transfer payments, dividends on investments, tax refunds, gifts, and inheritances. Letters that look real but contain fake promises. This series will cover the basic financial glossary. Financial Aid Glossary; Financial Literacy; Salary Surfer - California Community Colleges Chancellor’s Office . In health insurance, coinsurance is sometimes used synonymously with copayment, but copayment is really fixed while coinsurance is a percentage that the insurer pays after the insurance policy's deductible is exceeded up to the policy's stop loss. The profit or loss on an investment over a one-year period. Generally, you can deposit checks into your account using this service, but not cash. An announcement or message delivered, often on radio or television, for the good of the public. Financial wellness begins with financial literacy The first step toward financial wellness is understanding your finances. Financial LiteracyReview our lists of resources to help you learn more about financial literacy, including government websites, books, professional associations and more.GlossaryUnsure of what a phrase or word means that you're constantly coming across? The amount of expenses an insured must pay before the insurance company will contribute toward the covered item. Includes not-for-profit schools and schools associated with a religious organization. Most prepaid cards are open-loop cards. Financial … Also: An advantage; something that is good. In the investment context, it is the amount of money you contribute with the expectation of receiving income. Financial Literacy Glossary (A-D) STUDY. Transactions to your ATM, debit, or credit card that you didn’t make or approve (such as withdrawals, transfers, purchases, or charges) and for which you received no benefit. You could want to use your money for reducing debt, saving money for later, making an emergency fund or buying something you need. A type of investment that gives people a share of ownership in a company. There are two types... A. May 22, 2018 - This Pin was discovered by Prof.Stella Maris Berdaxagar- . Push your learning experience beyond the classroom with glossary of the Foundations of Financial Literacy companion website. This savings glossary can help you with all of your finances by understanding the meanings of common terms. The illegal or improper use of an older adult’s funds, property, or assets by family members, caregivers, friends, or strangers who gain their trust. Bonds with an elevated chance of default and, usually, an elevated yield. In the next 24 hours, you will receive an email to confirm your subscription to receive emails A specific arrangement where you do tasks for an employer. The number of days you have to pay your bill in full before finance charges start. Financial Literacy. related to AARP volunteering. Borrowing money, or having the right to borrow money, to buy something. Standard 6. Expenses that change in amount from month to month. 1. Glossary. 1099-MISC Tax Form: A 1099-MISC is a tax form that reports self-employment income. Only the definition of a term as it is used to understand personal financial choices is included in the glossary. A fee your prepaid card provider may charge to replace your card if it is lost, stolen, or damaged. Money looks different in different places around the world. Financial wellness begins with financial literacy The first step toward financial wellness is understanding your finances. Money that students receive based on academic or other achievements to help pay education expenses. Financial Literacy Glossary Annual Percentage Rate (APR): The amount of interest averaged in a period of a year. Taxes taken from your paycheck, including Social Security and Medicare taxes. Secured cards are often used to build credit history. You also can use this plan to help pay tuition at public, private, or religious schools from kindergarten through 12th grade. Finding an integrated list of financial terms and definitions is only comprehensively possible with the aid of a financial dictionary. To receive something on loan with the understanding that you will return it. Businesses, on the other hand, must have management who understands financial stat… This can be thought of as “fishing for confidential information”. A check for your salary or wages made out to you. To give something (like money, food, or clothes) to help a person or organization. The federal government collects taxes based on the earnings of individuals and businesses, called an income tax. Financial terms glossary #. Federally insured account at a bank or credit union that offers a higher rate of interest than a savings account, allows for a limited number of transactions monthly, and may require a minimum deposit or minimum account balance. People who are financially literate are generally less vulnerable to financial fraud. AARP members receive exclusive member benefits & affect social change. The ability to manage financial resources effectively, understand and apply financial knowledge, demonstrate healthy money habits, and successfully complete financial tasks as planned. Includes both personal and business or corporate income taxes. Check out our online resources! A bunch of computer code that a bunch of criminals, idealists and speculators agree is worth “real” money. Goals that are specific, measurable, attainable, relevant, and timebound. WCPS Financial Literacy. Can include things like children’s allowances, stock dividends paid by corporations, and financial gifts. Posters, signs, television commercials, radio spots, and other media that businesses use to promote products or... B. Payment of all or part of a debt before it comes due. Financial literacy and awareness refer to a person’s orientation towards the needs and advantages of savings, investment, and financial planning, as well as their knowledge of various financial products, basic numeracy skills, and other money management tasks, in order to make sound financial decisions and have good financial health (Widyastuti et al., 2016). A bill-paying method you set up with the merchant or service provider. Capital: wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing. A bank or credit union may also pay you an interest rate if you deposit money in certain types of accounts. When a caller disguises the information shown on your caller ID to appear as though they are calling as a certain person or from a specific location. An open-ended loan that allows you to borrow money up to a certain limit and carry over an unpaid balance from month to month. Asset. Tips go beyond the stated amount of the bill and are given voluntarily. This glossary is not meant to be a comprehensive content-area list of financial terms or a list for students to memorize. A profession that may span your lifetime and includes your education, training, professional memberships, volunteering, and full history of paid work. Main Menu Banking. One common example of a wire transfer fraud is the “grandparent scam.” This is when a scammer posing as a grandchild or a friend of a grandchild calls to say they are in a foreign country, or in some kind of trouble, and need money wired or sent right away. These are common financial jargon which you will encounter in your financial literacy journey. A tax on the value of property you own at your death. A fee charged every time you use the card for a certain type of transaction. Something that an employer, the government, or an insurance company provides that’s often used only for a particular purpose, such as food or medical costs. A limit set by the credit card company on how much you can charge on the card it issued to you. To make sure that somebody or something isn’t harmed, injured, damaged, or lost. Posters, signs, television commercials, radio spots, and other media that businesses use to promote products or services. receive communications related to AARP volunteering. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators. payments are made on a timely basis, and how long the borrower has had various credit accounts. Amount of money you bring home in your paycheck after taxes and other deductions are taken out; also called take-home pay. A service that allows you to use a secure website to manage your bank or credit union account without the aid of a teller. In such cases, the buyer is the policyholder. Redirecting to /natl/news/financial_literacy/Oct_07_investing_glossary_a2.asp/. Goals that can take a short time, or up to five years, to reach. Sanjay Gupta's new book 'Keep Sharp: Build a Better Brain at Any Age' is available for purchase now! Components of financial literacy. The amount that credit card companies charge for the use of a credit card. A money order can be used instead of a check. DVD. Budget. When someone steals your Social Security number to file a tax return claiming a fraudulent refund; may also be called tax-filing-related identity theft. Annual Fee. The lowest national wage as established by law in the Fair Labor Standards Act (FLSA). Baffled by buzzwords bandied about by high-finance big shots? Basic things people must have to survive (such as food, clothing, and shelter), resources they need to do their jobs (such as reliable transportation and the tools of the trade), and resources to help build and protect their assets so they can meet future needs (such as emergency savings and insurance). This financial glossary gives better, more precise, and simple-to-understand meanings of financial terminology. A higher education institution whose programs and activities are operated by publicly elected or appointed school officials and which is supported by public funds. Usually it means you’re using a credit card, but it might also mean that you got a loan. Financial Literacy WashU Glossary Search this Guide Search. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own. A different bunch of computer code containing an unalterable record of a series of transactions. The provider’s terms, conditions and policies apply. Expenses, like bills, that must be paid each month and generally cost the same amount. For example, you would use an exchange rate to figure out how many pesos or euros you could get for one U.S. dollar. For this, you need to know the right terminology, … Be sure to ask about fees or read the cardholder agreement associated with your card. The common industry definitions of financial literacy are varied and it seems that many also use the terms financial literacy, financial education and financial knowledge interchangeably. A fixed amount ($20, for example) you pay for a covered health care service in addition to the amount your insurer pays. Understanding basic money terms and concepts that affect your financial health is the first step toward financial literacy. Manage one ’ s allowances, stock dividends paid by corporations, and tips you get from for! 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