Your Finances; Your Future

Financial Glossary

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Identity Theft

The unauthorized use of your personal information, such as your name, address, Social Security number, or credit card information.


The payment people receive for providing resources in the marketplace. When people work, they provide human resources (labor) and in exchange they receive income in the form of wages or salaries. People also earn income in the forms of rent, profit, and interest.

Income Tax

Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes).

Individual Retirement Account (IRA)

Individual retirement accounts are a type of individual retirement arrangements (IRAs) that provide tax advantages as you save for retirement.


The general increase in prices and fall in the purchasing value of money.


The price of using someone else's money. When people place their money in a bank, the bank uses the money to make loans to others. In return, the bank pays interest to the account holder. Those who borrow from banks or other organizations pay interest for the use of the money borrowed.


The purchase of physical capital goods (e.g. buildings, tools and equipment) that are used to produce goods and services.