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Financial Literacy

Principles of Money: Vocabulary

 

Cash: money or an equivalent (e.g., check) paid at the time of making a purchase.

Credit: time allowed for payment for goods or services obtained on trust.

Debit: an electronic check; an alternative method to cash when making a payment.

Electronic funds transfer: electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Paper money: a piece of paper printed and issued by the authority of a government for use as money.

Coins: a piece of metal stamped and issued by the authority of a government for use as money.

Government bonds: debt investment in which an invesor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to a company. It is issued by the national government in the country’s own currency.

Treasury notes: A marketable U.S. government debt security with a fixed interest rate and a maturity between one and ten years.

Medium of exchange: money’s most important function; used to facilitate transactions.

Unit of measure: common measure of the value of goods and services being exchanged.

Wages: money that is paid or received for work or services, usually by the hour, day or week.

Salary: a fixed compensation periodically paid to a person for regular work or services.

Interest: a sum paid or charged for the use of money or for borrowing money.

Rent: grant the possession and enjoyment of property, machinery, etc. in return for the payment of money from the tenant or lessee.

Dividends: a sum of money paid to shareholders of a corporation out of earnings.

Capital gains: profit from the sale of assets, as bonds or real estate.

Gross pay: total pay before any deductions are subtracted

Hourly wage: amount earned for each hour worked

Standard work day: 40 regular hours a week

Overtime: time worked beyond the regular hours — pay is 1½ times the regular rate of pay.

 
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