# data[].attributes.body
definition-Budgeting is a proactive approach to organizing your finances.

sentence-Creating a budget is essential for managing your finances and ensuring you don't overspend

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definition-Discretionary income is the amount of money that you have left for spending, investing, or saving after you've paid your taxes and paid for personal necessities

sentence-Discretionary income is what you have left after covering all your necessary expenses, and it's important to use it wisely.

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definition-is a cost that occurs on a regular basis and is necessary for the ongoing operation of a business.

sentence-Recurring expenses, like rent and utilities, are costs that you can predict and plan for each month.

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definition-Fixed expenses are costs that largely remain constant

sentence-Fixed expenses, such as a mortgage or car payment, remain the same each month and are easier to budget for.

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definition-Variable expenses are costs that change over time

sentence-Variable expenses, like groceries and entertainment, can fluctuate each month and require careful tracking.

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definition-A budget surplus is when an entity's earnings exceed its expenditures in a given period

sentence-A budget surplus occurs when your income exceeds your expenses, allowing you to save or invest the extra money.

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definition-A budget deficit occurs when money going out (spending ) exceeds money coming in (revenue ) during a defined period

sentence-A budget deficit happens when your expenses exceed your income, which can lead to debt if not addressed.

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definition-Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price.

sentence-Liquidity refers to how quickly you can access cash or convert assets to cash without significant loss.

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definition-FDIC is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system.

sentence-The FDIC insures deposits at banks, providing security for your money up to a certain limit.

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definition-A credit union is a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products.

sentence-Credit unions are member-owned financial institutions that often offer better rates and lower fees than traditional banks.

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definition-A checking account is a type of deposit account that you can open at a brick-and-mortar bank, online bank or credit union.

sentence-A checking account is used for daily transactions and is essential for managing your day-to-day finances.

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definition-An electronic machine that bank customers and credit union members can use to withdraw cash and make financial transactions.

sentence-An ATM allows you to withdraw cash, check your balance, and perform other banking transactions conveniently.

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definition-A debit card is a payment card that deducts money directly from your checking account.

sentence-A debit card is linked to your checking account and allows you to make purchases directly from your available funds.

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definition-is a deposit account an individual can open with a bank or other financial institution, which offers the flexibility to withdraw money while also earning interest on the balance amount.

sentence-A savings account is designed to hold money that you don't need immediately and typically earns interest

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definition-is a type of bank or credit union savings account with some features not found in regular savings accounts.

sentence-A money market deposit account offers higher interest rates than a standard savings account but may require a higher minimum balance.

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Definition-is the interest rate earned on an investment in one year, including compounding interest

sentence-Annual Percentage Yield, reflects the total amount of interest earned on an account in a year, including compounding

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definition-the interest rate before taking inflation into account

sentence-The nominal interest rate is the stated interest rate on a loan or investment, not accounting for inflation

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Nominal Interest Rate in Financial Literacy

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definition-the effective (or Real) interest rate is smaller if there is a lot of inflation.

sentence-The real interest rate adjusts the nominal rate to remove the effects of inflation, showing the true cost of borrowing

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definition-a comprehensive and organized list of fees or charges associated with specific products or services a business or organization provides.

sentence-A fee schedule lists all the fees a bank or financial institution charges for its services.

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definition-is a document that financial institutions use to authenticate a customer's signature for personal and business bank accounts.

sentence-A signature card is a document that a bank keeps on file to verify your signature for security purposes.

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definition-a cash reserve that's specifically set aside for unplanned expenses or financial emergencies.

sentence-An emergency fund is a savings account set aside for unexpected expenses, providing financial security in times of crisis.

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definition-is a document that summarizes the activity on your bank account over a specific period of time.

sentence-A bank statement is a monthly document that summarizes all transactions in your account, including deposits, withdrawals, and fees.

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definition-is a numeric or alphanumeric string that is used to authenticate a person to a system.

sentence-A PIN, or Personal Identification Number, is a security code used to access your accounts at ATMs and for debit card transactions.

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definition-occurs when you don't have enough money in your account to cover a transaction, but the bank pays the transaction anyway.

sentence-Overdrafting occurs when you spend more money than you have in your account, and the bank covers the difference, often for a fee

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definition-may be charged if your account doesn't have enough money to cover a transaction or bill and your bank denies the charge.

sentence-A nonsufficient funds fee is charged when you attempt to make a transaction without enough money in your account to cover it.

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definition-when someone takes money or other assets from you through deception or criminal activity.

sentence-Fraud involves deceitful practices to gain financial or personal benefits, often leading to financial loss for the victim.

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definition-when someone steals your identity to commit fraud.

sentence-Identity theft occurs when someone illegally uses your personal information to commit fraud or other crimes, often resulting in financial loss.

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definition-enforces a variety of antitrust and consumer protection laws affecting virtually every area

sentence-The FTC, or Federal Trade Commission, is a government agency that protects consumers from fraudulent and deceptive practices.