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15-17 Vocab
Chapter 15-17 Vocab
20
Business
10th Grade
03/25/2015

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Term
Variable Expense
Definition
Living costs that change from month to month
Term
Financial Plan
Definition
A report summarizing your current financial condition, needs, and future activities
Term
Allowance
Definition
The amount of money planned for a certain expenditure in a budget.
Term
Fixed Expenses
Definition
Living costs that reamin constant from month to month
Term
Personal Asset
Definition
Anything of value that you own
Term
Individual Retirement Account (IRA)
Definition
A tax-sheltered investment plan in which people can contribute to and where the contributions and earnings are tax free until the funds are withdrawn
Term
Brand
Definition
A name given to a product or service to distinguish it from similar products.
Term
Class Action
Definition
A lawsuit brought by one party on behalf of a group with the same grievance.
Term
Guarantee
Definition
A promise by the manufacturer or dealer, usually in writing, that a product is of a certain quality
Term
Impulse Buying
Definition
Purchasing something without much thought or research
Term
Commercial Bank
Definition
A bank that provides a full range of financial services
Term
Debit Card
Definition
A device used for cash machine transactions
Term
Service Charge
Definition
A fee a bank imposes for handling a checking account, covering costs due to an overdraft, or other services that cost money
Term
Payee
Definition
Person receiving payment
Term
Bank Statement
Definition
A monthly report showing all the activities of your bank account; used to verify your account balance
Term
Outstanding
Definition
A check written that has not been deducted from your bank balance
Term
Safe-Deposit Box
Definition
A secured area in a bank where you can store your valuables
Term
Check Register
Definition
A form used to keep track of transactions for your account
Term
Federal Reserve System
Definition
A bank for banks. Helps with nationwide payment system and helps regulate banks.
Term
Endorsement
Definition
Written proof you have received payment also must be done before transferring rights to the bank
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