Topical Vocabulary
Topical Vocabulary: A Comprehensive List Note: One needs to learn to use these words appropriately to get a higher score. Economics 1. Cash vs. Credit Card: Basic: Cash: Physical money (notes and coins). Credit Card: A card allowing you to borrow money for purchases. Transaction: A business exchange. Payment: Giving money for goods or services. Debt: Money owed. Budget: A plan for spending money. Interest: A fee charged for borrowing money. Spending: Using money. Balance: The amount of money in an account or owed. Fee: A charge for a service. Intermediate: Principal: The original amount borrowed or invested. Annual Percentage Rate (APR): The yearly interest rate on a credit card. Credit Limit: The maximum amount you can borrow on a credit card. Reward Points: Points earned for using a credit card, redeemable for rewards. Cashback: A percentage of purchases returned as cash. Credit Score: A numerical representation of your creditworthiness. Financi...