Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Equal Credit Opportunity Act (1975): Federal law that ensures that consumers are given an equal chance to receive credit. Prohibits discrimination on the basis of gender, race, marital status, religion, national origin, age, or receipt of public assistance. Lenders cannot ask about your plans for having children or refuse to consider consistently received alimony or child support payments as income. If you are denied credit, you have a legal right to know why.

Equity: Stock ownership in a corporation.

Estate: The assets and debts that a person leaves at death.

Estimated Tax Payments: Paid four times a year on income that is not subject to withholding from an employer, this income may include self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards.

Ethics: A set of moral principles or beliefs that govern an individual's actions.

Eustress : Literally, "good" stress, this is stress that helps promote health and growth.

Exemption: The amount that taxpayers can claim for themselves, their spouses, and eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount for all taxpayers that changes from year to year.

Expected Family Contribution (EFC): The number that's used to determine your eligibility for Federal student financial aid and the amount of aid that you will receive. This number results from the financial information you provided on the FAFSA.

Expense : The cost of goods and services, including those that are fixed (such as rent and auto loan payments) and those that are variable (such as food, clothing, and entertainment).

FAFSA: Free Application for Federal Student Aid - The first step in getting aid for college, this free application will ask for demographic and financial information to determine the family EFC. Colleges use the results of the FAFSA to award aid.

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