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Chapter 2: Saving
Chapter 2: Saving
15
Business
12th Grade
08/20/2014

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Term
Compound Interest
Definition
Interest paid on interest previously earned; credited daily;, monthly, quarterly or semiannually.
Term
Emergency Fund
Definition
Five hundred dollars in readily available cash to be used only in the event of an emergency; the goal of the First Foundation.
Term
Interest Rate
Definition
Percentage paid to a lender for the use of borrowed money (in debt); percentage earned on principal (in investing).
Term
Five Foundations
Definition
The five steps to financial success.
Term
Sinking Fund
Definition
Saving money over time for a large purchase.
Term
Budget
Definition
An itemized summary of probable expenditures and income for a given period.
Term
Deficit
Definition
The amount by which expenditures exceed income.
Term
Expenditure
Definition
An amount of money spent.
Term
Fixed Expense
Definition
An unchanging expenditure.
Term
Flexible Expense
Definition
An expenditure that varies.
Term
Income
Definition
Money received.
Term
Savings
Definition
Money that is not spent.
Term
Surplus
Definition
An amount of money remaining after all expenses have been met.
Term
Take-home Pay
Definition
Money received after all adjustments and deductions are made.
Term
Unexpected Expense
Definition
An unforeseen cost.
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