Glossary

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

Identity theft: The crime of using another person's name, credit or debit card number, Social Security number, or another piece of personal information to commit fraud.

Impulse buying: The Purchasing of goods or services without planning and usually without considering needs, goals, or consequences.

Income: Money earned from investments and employment.

Income Tax: A tax paid to local, state and federal governments based on income.

Indemnity Health Plan: An expressed or implied contract to compensate an individual for loss or damage; for example, an insurance policy.

Independent Student: A student that meets one or more of the following criteria: Is over the age of 24, is enrolled in a masters or doctoral study program, is married, has children who receive more than half of their support from the student, is an orphan or ward of the court, is a veteran of the US armed forces. Independent students do not need to include their parents' information on their FAFSA (Free Application for Federal Student Aid).

Index Fund: A type of mutual fund with a portfolio constructed to match or track the components of a market index, such as the Standard & Poor's 500 Index (S&P 500). An index mutual fund is said to provide broad market exposure, low operating expenses and low portfolio turnover and is a form of passive investing.

Individual Retirement Account (IRA): An investment with specific tax advantages. A traditional IRA defers taxes on earnings until withdrawal and, under certain circumstances, allows the deduction of some contributions from current taxable income. A Roth IRA requires after-tax contributions only, but allows tax-free withdrawals under certain rules.

Inflation : An overall rise in the price of goods and services; the opposite of the less common deflation.

Insurance: A risk management tool that protects an individual from specific financial losses under specific terms and premium payments, as described in a written policy document. Major types include:

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