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Giving (Non profit- A organization that does not make any money back, such…
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Spending
Identity Theft- stealing of an individuals personal information and impersonating them.
Liabilities- obligations that are paid, three types- Current, Non-Current, Contingent Liabilities.
Trade off- A compromise, in which some factors are given up in response for other ones.
Monetary Assets- Digital items that one owns, money that has no physical form, PayPal, Digital gift codes, bitcoin
Credit- This is a number that defines an individual financial responsibilities, paying back loans, buying things.
Credit Report- Report of an individual credit history, this determines and individuals worthiness of a loan.
Credit Card- This I money that is borrowed from the government that is required to be paid back.
Debit Card- This is money that is taken away from ones bank account
Sales Tax- tax that is paid to the government after a sale is made.
Tangible Assets- This is items that one owns and has a psychical form, such and dollar bills.
Opportunity Cost- A risk
Earnings
Gross Income- What is paid to an individual before any deduction are made.
Payroll Taxes- Payroll deductions (percentage) placed on employee/employer wage, that is paid to the IRS.
Checking Account- aka Transactional account, this allows one to easily withdraw money, most financial transactions are paid with this(bills).
Net Income- Gross income and subtract all deductions.
Net Worth- (Assets minus liabilities), what a individual/cooperation/Etc. is worth.
Human Capital-Skills, Knowledge, Etc, that can help produce an individuals economic value.
Depository Institution- institution where monetary deposits are accepted, banks, saving loan associations, credit unions.
Career/Job- Job is the the specific role in which one get paid for, a career is the field in which the job is located in.
Planning
Long Term Goals- something that will take up to years to be accomplished
Short Term Goals- something that can be accomplish within a few days, weeks, months.
Wants-Item/Thing that is not essential to ones life and only solves a problem temporarily(Memberships,)
Financial Well Being- the way the people manage their decisions to their financial goals/life.
Value- what one think is important such as morals
Wealth-The amount of money, valuable possessions that a person/group/business owns
Financial Goals-This are future financial needs- retirement, children, big purchases (house, cars)
Needs-Item/thing that is essential and is impactful to someones life,(food, clothes, car,)
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Other
Lifestyle- this is the way an individual lives day to day, Financially, morally, Etc.
Estate Planning- Where an individuals wealth is given to usually offsprings, spouse or sold and given to back to society after their death.