Section 1 Personal Finance Assignment
Personal Finance
Glossary
Personal Finance
1040EZ tax form – The basic tax form used by many people for filing their federal income taxes. An income tax form is also called a tax return.
1099 form – A tax form similar to a W-2 form that is used by independent contractors, such as part-time freelance employees, lawyers, or accountants.
401(k) account – A type of retirement savings account set up by employers for their employees. 529 plan – A fund that allows parents to prepay or save for their children's future college expenses. There are two types of 529 plans: prepaid plans and savings plans. A prepaid 529 plan lets parents purchase college tuition at today's rates, with the guarantee that they'll be able to apply today's rates to college in the future, no matter how much they go up. A savings
529 plan is an investment account where money is set aside for college expenses.
Accountant – A finance professional who keeps track of a company or individual's money.
Accountants are sometimes called auditors.
Accounting – The recording, reporting, and analyzing of financial information.
Accounting equation – See balance sheet equation.
Accounting journal – See ledger.
Accounts payable – A part of a company’s liabilities. These are amounts of money owed to other companies for products.
Accounts receivable – Amounts of money that are owed to a company by customers.
Accrual basis accounting – The standard accounting type defined by GAAP.
Active listening – When you are fully engaged and participating as a listener.
Adjustable interest rate – See interest rate.
Advertising – When a company pays for messages that are meant to get consumers to notice and want its products.
Affirmative Action – A collection of policies that recruit and advance qualified minorities, women, people with disabilities, and veterans. Not all businesses use affirmative action.
Affordable Care Act – A law passed in the United States in March 2010. This law is intended to
Glossary
Personal Finance
1040EZ tax form – The basic tax form used by many people for filing their federal income taxes. An income tax form is also called a tax return.
1099 form – A tax form similar to a W-2 form that is used by independent contractors, such as part-time freelance employees, lawyers, or accountants.
401(k) account – A type of retirement savings account set up by employers for their employees. 529 plan – A fund that allows parents to prepay or save for their children's future college expenses. There are two types of 529 plans: prepaid plans and savings plans. A prepaid 529 plan lets parents purchase college tuition at today's rates, with the guarantee that they'll be able to apply today's rates to college in the future, no matter how much they go up. A savings
529 plan is an investment account where money is set aside for college expenses.
Accountant – A finance professional who keeps track of a company or individual's money.
Accountants are sometimes called auditors.
Accounting – The recording, reporting, and analyzing of financial information.
Accounting equation – See balance sheet equation.
Accounting journal – See ledger.
Accounts payable – A part of a company’s liabilities. These are amounts of money owed to other companies for products.
Accounts receivable – Amounts of money that are owed to a company by customers.
Accrual basis accounting – The standard accounting type defined by GAAP.
Active listening – When you are fully engaged and participating as a listener.
Adjustable interest rate – See interest rate.
Advertising – When a company pays for messages that are meant to get consumers to notice and want its products.
Affirmative Action – A collection of policies that recruit and advance qualified minorities, women, people with disabilities, and veterans. Not all businesses use affirmative action.
Affordable Care Act – A law passed in the United States in March 2010. This law is intended to