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Are you dreaming of a higher salary? Finance Vocabulary: Basic English Words about Finance. "Tip" can be a verb or a noun ("leave a tip"). Gross Income – Total revenue minus COGS Gross Margin – same as gross income Depreciation – reduction in value over time Appreciation – increase in value over time EBITDA – earnings before interest, taxes, depreciation, and amortization Bond – debt instrument through with companies and governments can raise money Accounts Payable – money you owe for products and services already received Accounts Receivable – money owed to you for products/services already delivered Cash Flow – the in and out of money to/from your business Equity – ownership in a company Vesting – earning equity over time instead of all at once Option pool – a percentage ownership in your company set aside at founding for those who may come aboard later. In most countries, most kinds of employee benefits are taxable to at least some degree. A | B | C | D | E | F | G | I | J | L | M | N | O | P | R | S | T | U | V | W, 401K - A qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Eligibility for federal financial aid is not limited to eight . Source, Entrepreneurship - The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The amount is set out in the company's memorandum of association. College students face unique economic challenges. Source, Simple Interest - Interest paid or figured on the original amount of a loan or on the amount of an account. Accounts payable is a business finance 101 term. Brokerage companies are compensated via commission after the transaction has been successfully completed. Source, Roth IRA - An individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. There are two types of banks: commercial/retail banks and investment banks. Learn to hustle. For the most part, these accounts contain stocks and bonds that can be liquidated fairly quickly. Research shows that 61.3 per cent of post-secondary students were . Students may appeal for financial aid for additional terms by submitting the Extended Aid Form. Source, Home Mortgage Disclosure Act: (or HMDA, pronounced HUM-duh) is a United States federal law that requires certain financial institutions to provide mortgage data to the public. This 20-question vocabulary quiz/worksheet is a great way to test your students' vernacular surrounding concepts in consumer and personal finance! Start studying Budgeting Vocabulary. Source: PwC Earn Your Future (EYF) Curriculum, Credit - A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest. Someone's level of financial literacy is a strong indicator of how financially successful they'll be in the future. Source, Identity Fraud - Refers to crime in which criminal obtains and uses a victim's personal data through fraud or deception and usually for economic gain. Interest - The cost of money that is borrowed, which is usually a percentage of the borrowed amount.

Here are 20 financial terms and definitions you should know. The following guide includes basic accounting terms, definitions, and industry acronyms. Financial Vocabulary […] We rounded up some of the most important—and sometimes confusing—finance terms to help you master the vocab. Source: PwC Earn Your Future (EYF) Curriculum, FAFSA4Caster - Will help you understand your options for college. Routing number. Late fees encourage consumers to pay on time and are typically $25 for the first late payment and $35 for subsequent late payments. You do not have to be a Utah resident to save with UESP. This Young Entrepreneurship article was written by Ryan P Allis on 2/9/2005. If you are willing to enter the financial arena in any way, you must understand these basic financial terms. Candice Benjamin is an English teacher with more than 6 years of online teaching experience. Anyone who starts to read financial news will need a quick primer on the terms that are commonly used. Home Owner/Renter - A form of insurance that protects the insured property against loss from theft, liability and most common disasters. The act also provides a means of correcting transaction errors and limits the liability from any loses due to a lost or stolen card. Long- term if often considered over 90 days. Understanding Your . Automobile - Insurance purchased for cars, trucks, and other road vehicles. Trust given to a customer for future payment for goods purchase. Source, Economics - The social science study of how people use their limited resources in satisfaction of their limitless wants. Source, Limits of Coverage - The largest total amount the insurance company will pay for covered losses. Hopefully this glossary will be helpful for students, aspiring entrepreneurs, and those entering business who have never had a formal business education. Source, Pay Yourself First (PYF) - A phrase commonly used in personal finance and retirement planning literature that means to automatically route your specified savings contribution from each paycheck at the time it is received. They may include stocks, bonds, real estate and cash. Source, Endorsements: If you give something an endorsement, you're basically saying "I approve of this person or product." Source, Deflation - A sustained decrease in the average price level of all the goods and services produced in the economy. 403 (b) Plan: A retirement savings plan similar to a 401 (k), but exclusively for employees of public schools and certain tax-exempt organizations. Attached with the answer key, this material is a simple way to measure your students knowledge on budgeting, contracts, and how to lease an apartment!Dow. When celebrities do commercials for products, those are also endorsements. Cash Flow Statement – a financial statement that keeps track of all the money that goes in and out of your business. Source. the stock market), Face/get/be landed with a bill for $(a specific amount of money)…. Advertising - To call public attention to, especially by pointing out desirable qualities so as to create a desire to buy or do business with. Business and Finance Terms to Know. In economics, entrepreneurship combined with land, labor, natural resources, and capital can produce profit. Money and college can be confusing. Source, Installment Loan - A loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. In most cases the bank will charge a fee for this overdraft, whether they honor the request for payment, or not. All aid applicants must be accepted for admission and enrolled in courses prior to awards being offered. Closing costs are incurred by either the buyer or the seller. ChexSystems shares this information among its member institutions to help them assess the risk of opening new accounts. Reloadable Prepaid Debit Cards - Such as Green Dot and American Express Serve. Because of scarcity, various economic decisions must be made to allocate resources efficiently. Source, Electronic Funds Transfer Act/Regulation E: A federal law that protects consumers engaged in the transfer of funds through electronic methods. Distinguished Entrepreneur Interview Series. The Truth in Savings Act was designed to help promote competition between depository institutions and make it easier for consumers to compare interest rates, fees and terms associated with savings institutions' deposit accounts. Access [ækses] Advertising [ædvərtaɪzɪŋ] Accounts payable [əˈkaʊnts peɪəbl] Accounts receivable [əˈkaʊnts rɪˈsiːvəbl] Accrue [əˈkruː] (i.e. This core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received.

Its primary use is to provide protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. on-line bill pay. Students who enter ninth grade for the first time on or after July 1, 2022, will be required to complete the financial literacy course. Source: PwC Earn Your Future (EYF) Curriculum, Wages - a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker. Updated on September 23, 2021. Business English Vocabulary. In contrast, the greater the supply and the lower the demand, the lower the price will be. Whole/Term Life - Insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured. Then take these financial principles and set yourself up for a solid future. Express Publishing, 2012. tip (n.) = extra money given as thanks for a service. Adapted from Economics NEW WAYS OF THINKING- Roger A. Arnold 2011,  EMC Publishing, LLC. Source, Insurance - A contract by which someone guarantees for a fee to pay someone else for the value of property if it is lost or damaged (as through theft or fire) or to pay usually a specified amount for injury or death. Short-term goals are achievable in the more immediate future and intermediate goals take slightly longer and more of a financial commitment. Accredited: If your college and program is accredited, it means that it has met specific requirements by the U.S. Department of Education. The rate of borrowers who fail to remain current on their loans. These institutions are crated and operated by its members and profits are shared amongst the owners. Cambridge University Press, 2006. Tips Entrepreneurs Need to Consider When Searching for Funding, IVA Calculator – Calculate how much can be written off. The investor does not receive quarterly dividends directly as cash; instead, the investor's dividends are directly reinvested in the underlying equity. Please note that we may request you provide proof of student status. Source, Retirement Planning - the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Nikki's goals are relatable-like saving to buy a car or budgeting to plan for a party. This point in time called the closing is when the title to the property is conveyed to the buyer. Financial Aid Office. The science that describes the managment, creation and study of money, banking, credit, investments, assets and liabilities. Money is deposited and held in the account backing the card. 1.

Source. Online student practice quizzes, polls and more! Source, Inheritance - Is something passed down from your parents to you, or the act of receiving something passed down from your parents. Today I am providing basic Financial and Banking terms. I agree to allow financial aid I receive to pay any and all charges assessed to my account at IUP such as tuition, fees, campus housing and meal plans, student health insurance, parking permits, service fees, fines, bookstore charges, or any other amount, in accordance with the terms of the aid. Also the fees associated with NSF. Samantha Rose. The theory explaining the interaction between the supply of a resource and the demand for that resource. Source: PwC Earn Your Future (EYF) Curriculum, Investment or Brokerage Firms - A business whose main responsibility is to be an intermediary that puts buyers and sellers together in oder to facilitate a transaction. All students applying for any federal financial aid must file this form as soon as possible after January 1. They generally charge the same overdraft fee for either. Direct Deposit and Direct Debit - Being paid or paying electronically via ACH. This core vocabulary reference sheet provides keywords and phrases in the banking and financial industries. Source, Payday Lending - A type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. Source, Occupation - The name for a unique set of tasks, skills and abilities that a worker performs. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower doesn't need, doesn't want or can't afford. These marks will likely hurt your ability to qualify for credit or obtain desireable rates and typically take seven to ten years to clear from your credit report. Students are required, for each semester in which they enroll, to submit their acceptance of the LCSC financial agreement using Conditions of Registration. The rate of borrowers who fail to remain current on their loans. Money received; money gained from labor (work), business, or property. FINANCIAL AID VOCABULARY Fees • Fees can be charged for anything from damaging your residence hall room to returning your library books late. Source, Beneficiary - A person who benefits or is expected to benefit from something; the person who receives the insurance money when policy funds are dispersed. Over time, the roles and responsibilities of the Federal Reserve System have expanded, and its structure has evolved. A student's eligibility for an MIT Scholarship ends when the student receives an initial degree, or after the equivalent of eight attempted or completed terms, whichever occurs first. Hopefully this glossary will be helpful for students, aspiring entrepreneurs, and those entering business who have never had a formal business education. It was also found that financial literacy only differs in terms of gender and the financial literacy of girls is higher than boys in their study. There are so many fun ways for students to show what they've learned. They are not secured by collateral. The interest rate charged to a borrower when payments on a revolving line of credit are overdue. 18. An owner's equity is typically explained in terms of the percentage of stock a person has ownership interest in the company. To qualify, students must be enrolled in a college degree program at least part-time. Source, Long-term Investment - An account on the asset side of a company's balance sheet that represents the investments that a company intends to hold for more than a year. In most countries, banks are regulated by the national government or central bank. Ryan is an economics major at the University of North Carolina at Chapel Hill, where he is a Blanchard Scholar. - A retirement savings plan established by an employer in which employees set aside a percentage of pay in an account that earns interest. In the U.S., it's common to tip waiters/waitresses, taxi drivers, hairstylists, food delivery people, hotel bellhops (the person who carries your bags), hotel room service, and furniture delivery. The law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price. Lesson Three: The Art of Budgeting. Supplemental Loan - A loan that is taken out through a private lending institution, a bank, or a credit union. Online student practice quizzes, polls and more! Generally, if there is a low supply and a high demand, the price will be high. If you plan to be a business owner or an investor, be sure you are very familiar with all of the above terms. This includes the use of debit cards, automated teller machines and automatic withdrawals from a bank account. Test Your Financial Literacy. 2. Earning money is a major part of financial literacy…because without money, you've really got nothing to manage! This glossary contains terms you may find useful when teaching youth financial literacy. Source, Right to Financial Privacy Act: a United States federal law, Title XI of the Financial Institutions Regulatory and Interest Rate Control Act of 1978, that gives the customers of financial institutions the right to some level of privacy from government searches. It is a critical piece of information used by lenders to determine their risk exposure and economists to evaluate the health of the overall economy.

also determined that student's basic level financial literacy is not low, but their advanced level financial literacy is low. Source, Customer Loyalty Programs: A rewards program offered by a company to customers who frequently make purchases. Student Guide - Lesson Two: Making Money. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Source, Opportunity Costs - Real or potential costs associated with missed opportunities based on choices made. Basic English Financial Vocabulary or Basic Mathematics Vocabulary), others should only be taught to students or groups who have a specific need for it (because of their job (e.g. Candice is patient and determined to produce significant results for her students. Long Term Disability - A disability insurance designed to offer income payments for long-term injuries, illnesses or disabilities. Glossary of Important Business, Economic, and Financial History Terms By Robert E. Wright, Director of the Thomas Willing Institute for the Study of Financial Markets, Institutions, and Regulations and the Nef Family Chair of Political Economy, Augustana College SD This work is not copyrighted. Source: PwC Earn Your Future (EYF) Curriculum, Penetration Pricing: A marketing strategy used by firms to attract customers to a new product or service. Many students have bad spending habits, if they are given financial management trainings then, they'd rather plan their monthly budget, track their spending, waste less money for drinks, parties and shopping. Examples of periodic expenses include quarterly insurance premiums, school taxes, or automobile maintenance costs. 13. Source, Unsecured Credit (card) - Unsecured credit cards are the most common type of credit cards. How Combining Email Marketing With Instagram can boost Your Business? Source, Compound Interest - Interest paid or to be paid both on the principal and on accumulated unpaid interest. Source, Finance - A subset of Economics. Source, Premium - The amount paid for a contract of insurance. Very useful for engineers preparing for bank exams. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). Source, Regulation D: contains the rules providing exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the securities with the SEC. Wolf and his administration. Professional English in Use: Finance – Ian MacKenzie. Teacher's Power Point Presentation - Lesson Two: Making Money. Candice specializes in the IELTS, TOEFL, and Cambridge exams and creates courses and strategies specific to the needs and goals of each student, to help them achieve their desired grade. This scam actually yields the promised returns to earlier investors, as long as there are more new investors. These business transactions occur either business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business. Cambridge University Press, 2008. It involves gaining the ability to use your own financial resources to make the best decisions for your situation, whether that means earning more money, or saving, investing, and spending your money wisely. 7. this word has 2 meanings: "stock (shares)" and "net worth . Learn to work hard. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Source: PwC Earn Your Future (EYF) Curriculum, Consumer Banking Technologies -Source: UST. Source: PwC Earn Your Future (EYF) Curriculum, Default Rates - 1. Subsidized Federal Direct Loan - Federal student loan, for which the government pays the interest on the loan while the student is in school and during the 6 month grace period. The distinction between the categories is usually related to the amount of time it takes to accomplish the goal and the financial commitment to achieve them. Source, Truth in Savings Act: The act was implemented under Federal Regulation. It is a period when business activity surges and gross domestic product expands until it reaches a peak. Source, Marketing Strategies - See Sales/Marketing Strategies, National Credit Union Administration (NCUA) - The National Credit Union Administration (NCUA) is the independent federal agency that regulates, charters and supervises federal credit unions. Elements of money and finances vocabulary (PDF) Source: PwC Earn Your Future (EYF) Curriculum, Savings Account - A bank [or credit union] account in which you deposit money for future spending. Source, The Law of Supply and Demand - An economic force. Penetration pricing is the practice of offering a low price for a new product or service during its initial offering in order to attract customers away from competitors. Financial Agreement. Source, Commissions - A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. Source, Rule of 72 - A method used in finance to quickly estimate the doubling or halving time through compound interest or inflation, respectively. In other words, financial planning helps the student see the world for what it is, and that is, to always live according to your means. Filling out a FAFSA form is the first step in the financial aid process. Fellow Edutopia member Brian Page (on Twitter @FinEdChat) has long been an advocate for financial literacy education and innovative ways for students to engage in it.He was the 2011 Milken National Educator recipient in Ohio, and co-creator of an EIFLE award-winning financial education game of the year, Awesome Island Game.He's also a Money magazine "Money Hero". English4Accounting was designed to help teachers organize and improve their English for Accounting classes. Source: PwC Earn Your Future (EYF) Curriculum, Deductible - The amount of money an insured person pays before the insurance company makes payments for loss. Bloomsburg University announced the cancellation of all in-person classes and activities for the remainder of the spring semester on March 16, including all work study and on-campus jobs due to a stay at home order by Gov. The owners of the stock are known as shareholders. From accounting, to business loans, to general business financial operations, here's the ultimate list to all the business finance terms and definitions you need to know:. Source, Charitable Contributions - In general, [money given to] a charitable organization that exists to benefit society as a whole rather than to enrich individual owners or shareholders. an IRA), Withdraw from bank account/savings account, Names of countries and nationalities in English [Vocabulary List], 13 Phrasal verbs with “get” (and how to use them! Having the proper skills and knowledge A CD bears a maturity date, a specified fixed interest rate, and can be issued in any denomination. Source, Predatory Lending - Predatory lending is any lending practice that imposes unfair or abusive loan terms on a borrower. Whether you're just starting out on your college journey or dealing with student loans from years ago, here is a glossary of helpful terms you may need to know:. Source, Supply and Demand (of the workforce) - A theory explaining the interaction between the supply of a resource and the demand for that resource. Source, Non-Profit Post-Secondary Institution - Non-profit [schools] offer a learning environment designed first and foremost to benefit the students' interests, helping them achieve their college degrees and achieve career success. Source, 403 (b) - A U.S. tax-advantaged retirement savings plan available for public education organizations, some non-profit employers (only Internal Revenue Code 501(c)(3) organizations), cooperative hospital service organizations, and self-employed ministers in the United States. Source, Income - Money earned from a job or other sources. Source, Financial Goal, Short-term Financial Goals, Long-term Financial Goals - There are short-term goals and long-term goals and some goals that fall in between. Or find more information at the Kauffman Foundation for Entrepreneurship or the Entrepreneurship Resources at Entrepreneurship.org, Designed by Elegant Themes | Powered by WordPress, The Challenges of Human Resource Management, The Young Entrepreneurship Herald: Issue Five May 16, 2003, The Time of My Life: Teaching Entrepreneurship, 4 Necessary Traits That The Young Entrepreneur Must Have, Seven tips on how to handle your personal finances in a better way. Samantha Rose. Activities help students think about immediate and future goals. Career Paths: Finance – Virginia Evans. A college office that serves as a resource for students who need help paying for college costs. Source: PwC Earn Your Future (EYF) Curriculum, Interest Charged - The charge for the privilege of borrowing money, typically expressed as an annual percentage rate. This account contains any investments that a company has made that will expire with one year. Join local community entrepreneurship groups or be a contributor for Zeromillion.com and let your entrepreneurship story be heard! With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Source: PwC Earn Your Future (EYF) Curriculum, Income/Revenues - Money, or other funds, taken in. Becoming financially literate means gaining an understanding about how money is made, saved, and spent. Or are you just concerned with personal finance and want to shore up your finance vocabulary? Source, Job - Position of employment with specific duties and compensation. Source: PwC Earn Your Future (EYF) Curriculum, Credit Union - Member-owned financial cooperative. In economics, entrepreneurship combined with land, labor, natural resources, and capital can produce profit. Pay yourself before you begin paying your monthly living expenses and making discretionary purchases. Financial planning has a way of instilling a distinctive mindset altogether to students who carry it out. 529 plans are tax-advantaged savings vehicles designed to encourage individuals to begin to save for the future costs of higher education. Source, Grace Period - A provision in most loan and insurance contracts which allows payment to be received for a certain period of time after the actual due date. Lastly, a major short-term financial goal for a college student should be to understand the power of compound interest. Ideology. Source, Finance Charge - A finance charge is often an aggregated cost, including the cost of the carrying the debt itself along with any related transaction fees, account maintenance fees or late fees charged by the lender.

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