Gnomenclature

A savings account is a type of deposit account. It is designed for long-term savings rather than for frequent transactions and may have a limit on the number of third-party (checks, bank transfers, etc.) transactions you can have each month. By limiting the number of transactions, these accounts are often able to offer a higher rate of interest than checking accounts.

Scholarship is a very valuable form of student aid because, unlike a loan, it does not have to be paid back. Scholarships are generally awarded based on merit, such as academic achievement, athletic ability, or community leadership.

Social security is a federal pension program which provides monthly benefits based on your career earnings and when you retire.

Speculation is a term that describes investing based on an instinct of optimism rather than on a solid analysis of value. Speculation might involve guessing which products will be the next big thing, or simply trying to gauge the public’s appetite for continuing to put money into an investment.

Sticker price is the listed price for a particular vehicle, including any options provided with that vehicle. Sticker price may not be what a customer actually pays because vehicle purchases are often subject to negotiation. In many cases, it is possible to buy a vehicle below sticker price. On the other hand, in times of high demand for certain models, consumers may pay above sticker price.

Survival income is the minimum amount of income you would need to meet just your essential expenses. Typically, that includes taxes, housing costs, work-related expenses (including transportation to and from your job) and a modest allowance for food, clothing, and energy.