Financial Literacy Vocabulary Brice Holmes

Prototype An original type, form, or instance serving as a basis or standard for later stages

Invention A new device, method, or process developed from study and experimentation

Patent A grant made by a government that confers upon the creator of an invention the sole right to make, use, and sell that invention for a set period of time

Credit A contractual agreement in which a borrower receives something of value now and agrees to repay the lender

Operating Expenses The day-to-day expenses incurred in running a business , such as sales and administration

Fixed Cost A cost that does not vary depending on production or sales levels, such as rent , property tax , insurance , or interest expense.

Taxes A fee charged (levied) by a government on a product, income , or activity .