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Financial Literacy Vocabulary
Brice Holmes
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Prototype An original type, form, or instance serving as a basis or standard for later stages
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Invention A new device, method, or process developed from study and experimentation
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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
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Credit A contractual agreement in which a borrower receives something of value now and agrees to repay the lender
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Operating Expenses The day-to-day expenses incurred in running a business , such as sales and administration
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Fixed Cost A cost that does not vary depending on production or sales levels, such as rent , property tax , insurance , or interest expense.
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Taxes A fee charged (levied) by a government on a product, income , or activity .
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