The money or compensation you earn in exchange for your work is called a “wage” Some common ways employers pay wages are hourly, salary and commission or some combination of these ways.

The amount that is still owed on a loan or credit card debt.

A period of time over which a loan is scheduled to be repaid. For example, a home mortgage may have a 30-year term, meaning it must be repaid within 30 years.

A monthly accounting document sent to you by your bank that lists your account balance at the beginning and end of the month, and all of the checks you wrote that your bank has processed during the mo [..]

Certificate of ownership in a company.

A document that the Department of Education sends to a student’s family after they have evaluated the student’s Free Application for Federal Student Aid (FAFSA).

Also known as a budget, a method of tracking your monthly income and expenses.

Interest that is calculated only on the principal sum, that is, the amount of money that was originally deposited. (By contrast, compound interest is when a financial institution pays you interest not [..]

A credit card secured by a savings account. The money in the savings account is collateral and may be claimed by the company issuing the card if the account holder fails to make the necessary payments [..]

The same set dollar amount every month in exchange for your work.