LIFE

STUDIES

VOCABULARY

Schedule

An organized written plan to help reach your goals within a certain period of time.

Procrastination Putting off difficult or

unpleasant tasks until laterOften tasks are completed later

in a hurry, and the job is done poorly

Productive Someone who uses their time

wisely to try and get everything done that they have to.

Budget

A written plan for spending money wisely.

Income The amount of money a person earns

from working.

Expenses Different

ways people spend their money.

Financial Obligations

Money spent on necessary purchases, that people cannot avoid, such as food, school supplies, shelter, heating, and clothing.

Fixed Expenses

Regular expenses that remain similar in price and cannot be avoided such as rent/ mortgage, cable bill, or food.

Flexible Expenses Cost of items, such as clothing, entertainment or vacations that vary in price and are not purchased regularly.

Loan A specific amount of money

someone can borrow from a

bank or business to make an expensive purchase with the promise to pay it back (usually monthly)

$200,000

$40,000

$1,500

Interests An added fee to an existing loan due to the

amount of time it took to pay back

OR credit added to an individuals bank account by a

bank or business (acts as a thank you for doing business)

Credit Funds given to a person to make a

purchase or purchases now, with the promise to pay it back later.

Checking

Account

Programs offered by banks or other financial institutions that keep your spending money in a safe place. When making purchases at a store or paying bills people can write checks or use there checking account card to make the payments. It is important you have the correct amount of funds in your account.

Saving Account Programs offered by banks or other

financial institutions that keep all the money your saving in a safe place. Saving accounts are for the money someone doesn’t plan on spending.

Consumer Any person who buys or uses goods and

services.

Advertisemen

t A paid public announcement

about goods, services, or sales to try and get consumers attention.

Comparison

Shopping

Looking at several brands and models of a similar product in different stores in hopes to get the most for your money.

Impulse Buying

An unplanned or spur of the moment purchase that was not in ones budget. Often results in people buying items they don’t really need nor can afford.