Kevin Walter

Activity: changes in the account balance, including deposits, withdrawals, checks cashed, service fees

Advertise: to let people know about a business (marketing) in order to get them to come and buy a product or service.

Amortized Loan: an installment loan that is paid off in multiple equal payments.

Annual Percentage Rate: (APR) the interest rate the bank pays over one year.

Balance: the total principal and interest in your account; in a credit card account, the total of all unpaid principal and interest.

Bills: the amount of money to be paid to a person or business for services or products.

Borrow: to obtain money from someone to use in the present, with the intention of paying it back later.

Bounced Check: a check the bank returns to payee unpaid because the account did not contain enough money to cover it.

Budget: a plan of how much to spend and what it will be spent on.

Business: the offering of a service or product for money.

Client: person who is served or to whom something is sold.

Compound Interest: with a bank account, it is interest that is paid on the principal and any interest earned so far; in a loan, it is interest charged on principal and interest.

Contract: a written agreement between people that describes what will be done, how much will be paid, and the date it will be done by.

Debt: money owed to someone as a result of borrowing (a loan).

Diligence: to work hard, smart, and fast to the best of your ability.

Discount: to offer something at a reduced price

Sale Price, Discount Price: marketing hook used by retailers to encourage sales--may be a low price, or simply a discount from an inflated price.

Fixed Costs: regular, on-going costs that do not depend on the number of customers.

Entrepreneur: someone who starts his or her own business to meet a need he or she sees.

Excellence: to do the best possible job, and then some.

Fee: the price charged for a service.

Finance Charge: the fees lenders charge for the use of their money, including interest, application fees, etc.

Income: money that is received from customers for services or the sale of products.

Installment Loan: a loan that is paid back in several payments, or installments, rather than all at once.

Integrity: to be totally honest, sincere, and fair.

Interest: with a loan, it is a fee lenders charge for the use of their money--also called finance charge; with a bank account, it is a fee banks pay depositors for the use of their money.

Invest: using money wisely in order to have funds for future needs.

ManufacturerSuggested Retail Price (MSRP): what the manufacture claims the product is worth--typically used by retailer as a base for discounts.

Minimum Payment: the least amount of money the creditor expects you to pay; generally, enough to cover the interest, with not much left over to pay down the principal.

NSF: Not Sufficient Funds-a polite way of saying the check bounced-not enough money in the account.

Payee: the person or company you wrote the check to.

Period: the fraction of a term used for computing interest and payments - generally one month.

Planning: to set out a series of steps to follow in order to achieve a goal.

Principal: with a loan, it is the amount of money you owe; with a bank account, it is any money you deposit in the account (as opposed to interest, which the bank pays into your account).

Principle: a standard or rule of conduct and morality by which to live.

Product: something made, found, or bought that can be sold for profit.

Profit: the money left over after paying all bills and expenses.

Real Price: what it actually costs you to buy the product.

Register: in your checkbook, it is a printed form used to record your transactions; at the bank, it is a paper form used to record your account activity: deposits, withdrawals, interest payments.

Resume: a list of your work experience and knowledge.

Responsible: to be reliable; to be trustworthy.

Revolving Credit: an open-ended loan arrangement, such as a credit card, that allows you to borrow and repay money gradually, rather than all at once.

Service: work done for others; the attitude of working for others willingly.

Simple Interest: interest that is paid on the principal only.

Term: the length of a loan.

Tithe: giving 10 percent, or a first part of your income to charity.

Transaction: any change made in your account, such as a deposit or withdrawal.

Variable Costs: costs that vary or change depending on the number of customers.

Volunteer: to work for someone for nothing, to offer your services without receiving payment for work.

Wholesale Price (cost): what the manufacturer charges the retailer-it varies with supply and demand and quantity ordered.

Yield: the amount of interest your investment produces, figured as a percentage of the investment.