Study Guide- Finance Park Vocab Flashcard

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Definition of income:

Back

Money received regularly for work or investments.

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Definition of taxes

Back

Required payments to a government

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Definition of interest:

Back

A fee received or paid for the use of money.

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Definition of 'invest'

Back

Commit money to gain profit or earn interest.

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Definition of 'Pay Yourself First (PYF)'

Back

Automatically save a specified amount from a paycheck for future use.

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Definition of risk

Back

The possibility of financial loss or physical harm

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Definition of 'insurance policy'

Back

A contract that protects a person against financial loss or damage.

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Definition of 'bank'

Back

A for-profit institution that offers personal loans, mortgages, and other services.

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Definition of credit union

Back

Not-for-profit cooperative offering bank services, owned by members.

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Definition of financial institution

Back

A business that provides money-related services