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WSS Financial Literacy 2024 Unit 3 Key Terms Questions and Answers Fully Solved
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WSS Financial Literacy 2024 Unit 3 Key Terms
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WSS Financial Literacy 2024 Unit 3 KeyTerms
asset - answer anything of value that is owned by an individual
budget - answer a monthly plan for how you are going to save and spend your income.
compound interest - answer Interest paid on an investment and on any interest
previously earned
consumer - answer a person or organization that purchases a product or service
expense - answer the cost of goods or services
interest - answer the charge for borrowed money generally defined as a percentage;
also, the earned interest on money you save or invest.
liability - answer anything you owe; a debt
net worth - answer the total value of a person's assets (things owned) minus their
liabilities (things owed); may be positive or negative
simple interest - answer interest paid only on the principal investment
Emergency Fund - answer cash savings on hand to cover unexpected, un-budgeted
expenses without having to go into debt or go without some necessity if something goes
wrong.
Variable Expense - answer an expected monthly expense that varies in dollar amount
from month to month (eg: electric bill)
Fixed Expense - answeran expected monthly expense that remains the ssame from
month to month (eg: rent/mortgage, car payment)
Intermittent (Periodic) Expense - answeran expected expense that comes up at certain
times of the year, but not monthly (eg: Car Insurance paid 4 times a year; switching out
winter/summer tires 2x a year; school fees each year.)
Discrentionary Expense - answerNon essential expense for things you want, but don't
need (Netflix subscription, daily Starbucks, $150 jeans, Airpods, a new phone, etc.)
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