Resources For Students | FutureSmart - MassMutual Foundation: A nationwide initiative that brings critical financial education to middle and high school students across the United States.

Resources For Students

Whether at home or on the go, students can use the interactive flashcards on this page to practice their lessons and reinforce the knowledge they gained in FutureSmart.

Card 1 of 122 Personal Values

Blueprint

A beginning design, outline, or plan that demonstrates the steps to creating something.

Card 2 of 122 Personal Values

Career

The occupation or series of jobs that we take on during our working lives, typically how we earn money.

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Career Path

The job-related progress and actions we take throughout our lifetimes that help us achieve our goals.

Card 4 of 122 Personal Values

Company Culture

The attitudes and values of an organization and how they determine a variety of factors including work environment, what is expected of you, etc.

Card 5 of 122 Personal Values

Financial Habits

The day-to-day way we manage our money and financial decisions.

Card 6 of 122 Personal Values

Financial Plan

An outline of a person’s financial goals and the plan that is needed to accomplish them.

Card 7 of 122 Personal Values

Goal

An idea of the future or desired result that a person is working to achieve.

Card 8 of 122 Personal Values

Habit

A routine or behavior that is done on a regular basis.

Card 9 of 122 Personal Values

Lifestyle Costs

The amount of money needed to meet a basic standard of living.

Card 10 of 122 Personal Values

Personal Values

Decision-making guidelines that help us figure out what to pursue and what to avoid. Personal values are a reflection of our needs, desires, and what we care most about in our lives.

Card 11 of 122 Personal Values

Skill

The ability to do something well that comes from training, experience, or practice.

Card 12 of 122 Personal Values

Values

What we consider to be important or beneficial in the way we live and work. Values determine our priorities and help guide the choices we make.

Card 13 of 122 Personal Values

Work-Life Balance

The ability to focus on your job while balancing personal and family needs.

Card 14 of 122 Smart Shopping

Budget

A plan for spending or saving money that is made up of income and expenses.

Card 15 of 122 Smart Shopping

Discretionary Expense

Spending that you have complete control over because it is not necessary spending.

Card 16 of 122 Smart Shopping

Emergency Savings

An account used to put away funds to be used in an emergency.

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Expenses

The money you’re spending. This includes everything you buy, such as food, concert tickets, or even a pack of gum.

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Fixed Expenses

An expense that occurs regularly. This amount typically does not change from month-to-month.

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Income

Money you earn, like money you may get from your birthday or allowance from you parents.

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Need

When referring to budgeting, a need is an expense that you can’t live without.

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Opportunity Cost

The next best alternative that was given up by making a certain decision.

Card 22 of 122 Smart Shopping

Purchasing Power

The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.

Card 23 of 122 Smart Shopping

Sales Tax

The tax you pay to the state or local government when purchasing an item. Sales tax differs by state and not all states have a sales tax.

Card 24 of 122 Smart Shopping

Unit Price

The cost for one unit of an item.

Card 25 of 122 Smart Shopping

Variable Expense

Spending that is based on the purchase decisions you make. These can vary from month to month.

Card 26 of 122 Smart Shopping

Want

When referring to budgeting, a want is an expense that you would like to have and is not an absolute necessity.

Card 27 of 122 Ways To Pay

Annual Percentage Rate

Interest rate charged by a credit card company on any outstanding credit card balance.

Card 28 of 122 Ways To Pay

Credit Bureau

An agency that tracks a borrower’s credit and payment history to determine their credit score.

Card 29 of 122 Ways To Pay

Credit Card

A payment type that does not automatically draw money from your checking account. It provides a short-term loan from the credit card company. At the end of each purchase period (usually a month), you receive a bill with all of your charges. You will have the option to pay off your balance (the amount you owe) or pay the minimum payment. If you do not pay your entire balance, you start to pay interest on the money you owe.

Card 30 of 122 Ways To Pay

Credit Card Bill

A statement showing the total amount of money owed based on your credit card transactions.

Card 31 of 122 Ways To Pay

Credit Limit

The total amount of money you can charge to your credit card.

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Credit Score

A three-digit numerical rating of how likely you are to pay off your debts.

Card 33 of 122 Ways To Pay

Debit Card

A payment type that allows you to make purchases using money directly from your checking account.

Card 34 of 122 Ways To Pay

Deposit

When money is added into a bank account, also know as a ‘credit’.

Card 35 of 122 Ways To Pay

Direct Deposit

When money is automatically transferred into your account electronically.

Card 36 of 122 Ways To Pay

Federal Income Tax

A tax paid to the federal government based on the amount of money a person earns. Federal income taxes are used to fund government services such as healthcare, national defense, and scientific programs.

Card 37 of 122 Ways To Pay

Income Tax

Tax on the amount of money you earn that is paid to the federal or state government.

Card 38 of 122 Ways To Pay

Initial Deposit Check

The amount of money that was previously sitting in your checking account.

Card 39 of 122 Ways To Pay

Medicare Tax

Tax that pays for healthcare for people ages 65 and over.

Card 40 of 122 Ways To Pay

Minimum Monthly Payment

In regards to credit cards, this refers to the least amount of money you have to pay back on a monthly basis to avoid fees and penalties associated with not paying the minimum amount.

Card 41 of 122 Ways To Pay

Net Pay

The amount of pay you take home after all taxes are taken out.

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Payday Loans

A loan in the form of cash before you receive your paycheck, also known as “cash advances”. Payday loans typically have very high fees and interest rates.

Card 43 of 122 Ways To Pay

Prepaid Cards

A card that allows you to put a specific amount of money onto it. Prepaid cards usually come with additional fees and charges, such an activation fee, a fee for each purchase, or fees if you don’t use the card for a specific amount of time.

Card 44 of 122 Ways To Pay

Salary

A fixed payment, usually paid on a weekly or bi-weekly basis that does not vary depending on how little or how much you work.

Card 45 of 122 Ways To Pay

Social Security Tax

Tax that pays for people who are currently retired and for the future retired population.

Card 46 of 122 Ways To Pay

State Income Tax

Taxes paid to the state where you live or work based on the amount of money you earn. Sate income taxes are used to help support schools, maintain roads and keep people safe. The amount of state income tax varies by state – some states do not have state income tax at all.

Card 47 of 122 Ways To Pay

Stipend

A fixed amount paid for work, usually on a scheduled basis or after a set amount of time.

Card 48 of 122 Ways To Pay

Taxes Withheld

Amount taken out of your paycheck to pay for income taxes.

Card 49 of 122 Ways To Pay

Wage

Amount paid based on a certain time period. You can earn a certain wage per hour, day or week.

Card 50 of 122 Investing In You

529 College Savings Plan

A savings account that is specifically designed to help you and your family save for high education. The money in the account can only be used to pay for educational expenses, like tuition, room and board, and textbooks.

Card 51 of 122 Investing In You

Associate Degree

A type of degree that typically takes two years of full-time study after high school and is dedicated training toward a specific career or skill.

Card 52 of 122 Investing In You

Bachelor’s Degree

A type of degree that normally takes four years of full-time study, also known as an undergraduate degree. You can earn a Bachelor of Science or Bachelor of Arts degree.

Card 53 of 122 Investing In You

Community College

Typically a two-year higher education institution, also known as a junior college that costs less than a four-year college.

Card 54 of 122 Investing In You

Demand

Measures the number of people who are willing to buy a particular good or service at a given price. In a labor market, demand is the number of employers seeking workers for a particular position.

Card 55 of 122 Investing In You

Doctoral Degree

A type of degree that is highly specialized in regards to a specific profession and typically takes three to five years to earn after completing your bachelor’s degree.

Card 56 of 122 Investing In You

Economic Indicators

A piece of economic data that is used to interpret current or future investment possibilities and judge the overall health of an economy.

Card 57 of 122 Investing In You

Economy

A network of consumers and producers of goods and services in a community.

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Expected Family Contribution

A term used in the college financial aid process to determine an applicant’s eligibility for need-based student aid, abbreviation EFC.

Card 59 of 122 Investing In You

FAFSA

An abbreviation for Free Application for Federal Student Aid. This is the main form students use to apply for federal education grants and loans. The amount of money a student is given or loaned depends on several factors, such as family income, marital status, the type of school a student is planning to attend, and more.

Card 60 of 122 Investing In You

Family Savings

The amount of money a family saves over time to help fund a relative’s college education.

Card 61 of 122 Investing In You

Federal Loans

Offered to students in need of financial assistance. The federal government makes interest payments while the student is in college.

Card 62 of 122 Investing In You

Grant

Provide money to students for college that does not have to be paid back.

Card 63 of 122 Investing In You

High School Diploma

The degree you receive when you graduate from high school.

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In-State Tuition

Typically a discounted cost of enrollment for a higher education institute that is given to students that are from the same state the school is located in.

Card 65 of 122 Investing In You

Job Skills

Refers to the talent and expertise a person possesses to perform a certain job or task.

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Master’s Degree

After completing a bachelor’s degree, you can continue on to complete a master’s program in a variety of fields. This type of degree typically takes one or two years, but can sometimes be completed on evenings and weekends, while you’re working full-time.

Card 67 of 122 Investing In You

Private College

A higher education institute that is generally supported by private donations and tuition, and on average cost more than public colleges.

Card 68 of 122 Investing In You

Private Loans

Loans financed by lenders, like banks, credit unions and sometimes the school you attend.

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Public College

A higher education institute that is generally supported by state government funds, and on average cost less than private institutions.

Card 70 of 122 Investing In You

Scholarship

A specific amount of money given to a student to help pay for their education.

Card 71 of 122 Investing In You

Supply

Measures the amount of a specific good or service available for a given price.

Card 72 of 122 Investing In You

Tuition

The cost to enroll in higher education.

Card 73 of 122 Investing In You

Vocational Training

Type of training that is usually focused on hands-on work that prepares you for skilled trades, like plumbing, cosmetology or car repair. This type of training can range in length from a few months to a couple years, and can be completed at community colleges, trade schools, or private schools.

Card 74 of 122 Investing In You

Work Study

Provides funds to eligible students for part time employment to help finance the costs of college education.

Card 75 of 122 Growing A Business

ATM

An abbreviation that stands for Automated Teller Machine. An ATM is a machine that allows you to make electronic deposits and withdrawals from your bank accounts.

Card 76 of 122 Growing A Business

ATM Fee

The amount of money you are charged for using another bank’s ATM.

Card 77 of 122 Growing A Business

Auto Pay

A system that allows you to pay bills, like your cell phone bill, automatically from your checking account.

Card 78 of 122 Growing A Business

Certificate of Deposit

A type of savings vehicle in which you put your money away for a certain amount of time, called a term, to allow your principal to earn interest. Also known as a CD, this savings vehicle traditionally has higher interest rates than a savings account and you must keep the money in the CD for the entire term or you will pay a penalty.

Card 79 of 122 Growing A Business

Checking Account

A type of bank of account in which interest is not usually applied to the principal, but offers a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check.

Card 80 of 122 Growing A Business

Compound Interest

Interest that’s generated not only from the money you put into an account, but also from the interest you earned on your money.

Card 81 of 122 Growing A Business

Deflation

When the price of goods or services decreases.

Card 82 of 122 Growing A Business

FDIC

Stands for the Federal Deposit Insurance Corporation, and is a corporation that insures deposits at banks that have purchased their coverage.

Card 83 of 122 Growing A Business

Inflation

When the price of goods or services increases.

Card 84 of 122 Growing A Business

Interest

A monetary fee you are charged for borrowing money.

Card 85 of 122 Growing A Business

Interest Rate

The percentage of interest you either make or pay on a principal.

Card 86 of 122 Growing A Business

Liquidity

Liquidity refers to how easy it is to get at your money. High liquidity means it’s easy to get your money right away. Low liquidity means it’s harder to access your funds.

Card 87 of 122 Growing A Business

Loss

Negative earnings, or when your earned revenue is less than your total expenses.

Card 88 of 122 Growing A Business

Minimum Balance

The amount of money you must keep in your account.

Card 89 of 122 Growing A Business

Net Income

The amount of money a business makes, after all expenses have been paid for (net income = revenue – expenses).

Card 90 of 122 Growing A Business

Overdraft

Taking out more money than what is in an account.

Card 91 of 122 Growing A Business

Overdraft Fee

A fee incurred when you take our more money than what is in your bank account.

Card 92 of 122 Growing A Business

Profit

Positive earnings, when you have earned more in revenue than you spent on expenses.

Card 93 of 122 Growing A Business

Revenue

The amount of money a business makes within a specific time period, typically a month.

Card 94 of 122 Growing A Business

Savings Account

A type of savings vehicle in which interest is earned on the deposit amount (principal). Savings accounts usually require a minimum balance, offer lower interest rates, and have restrictions on the number of withdrawals allowed within a given time period.

Card 95 of 122 Growing A Business

Simple Interest

Interest that is generated from the money you put into an account.

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Total Revenue

The amount of money left over each month after paying expenses.

Card 97 of 122 Your Financial Future

401(k)

A retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes.

Card 98 of 122 Your Financial Future

Annual Out-of-Pocket Maximum

The most a person has to pay for medical services in a full year, outside of monthly premiums.

Card 99 of 122 Your Financial Future

Beneficiary

The people that are financially protected under a life insurance policy.

Card 100 of 122 Your Financial Future

Bond

An interest-earning loan to a company or government for a specific amount of time. At the end of the set amount of time, the company or government must pay back the loan amount in full, along with any accumulated interest. Bonds are often considered a low-risk investment.

Card 101 of 122 Your Financial Future

Car Insurance

A type of insurance that covers any damage you may cause to another person or their vehicle.

Card 102 of 122 Your Financial Future

Coinsurance

Money that a person is required to pay for services, after a deductible has been paid.

Card 103 of 122 Your Financial Future

Collision Insurance

A type of car insurance that covers vehicle damage caused by an accident.

Card 104 of 122 Your Financial Future

Comprehensive Insurance

A type of car insurance that covers vehicle damages caused by non-collision events, such as storm damage or theft.

Card 105 of 122 Your Financial Future

Copay

A fixed fee you pay for specific medical services.

Card 106 of 122 Your Financial Future

Deductible

Amount you are personally required to pay before your insurance covers the cost.

Card 107 of 122 Your Financial Future

Health Insurance

A type of insurance that covers the cost of medical expenses.

Card 108 of 122 Your Financial Future

Homeowners Insurance

A type of insurance that covers your home as well as your possessions inside, in cases of damage or loss.

Card 109 of 122 Your Financial Future

Investment Return

How much money you could potentially earn from an investment, and it is usually expressed as a percentage.

Card 110 of 122 Your Financial Future

Investment Risk

How likely it is that you’ll lose money on an investment.

Card 111 of 122 Your Financial Future

Investment Summary

The higher the risk, the higher the potential return or loss, and, the lower the risk, the lower the potential return or loss.

Card 112 of 122 Your Financial Future

IRA

Abbreviation for an “Individual Retirement Account”, a retirement account designed for individual savers that offers tax savings, but has contribution limits and withdrawal restrictions.

Card 113 of 122 Your Financial Future

Liability Insurance

A type of car insurance that covers any damage caused to another person or their vehicle.

Card 114 of 122 Your Financial Future

Life Insurance

A type of insurance that provides financial security for a person (called a beneficiary) when someone close to them passes away.

Card 115 of 122 Your Financial Future

Mortgage

A type of loan used to finance the purchase of real estate.

Card 116 of 122 Your Financial Future

Mutual Fund

A mix of different investments, like stocks and bonds.

Card 117 of 122 Your Financial Future

Premium

The amount you pay the insurance company for coverage, typically paid each month.

Card 118 of 122 Your Financial Future

Renters Insurance

A type of insurance that can protect a person from property damage or loss in a rental property.

Card 119 of 122 Your Financial Future

Security Deposit

Money a property owner holds onto during the leasing period, that can later be used to pay for any damages to the property caused by the renters. The security deposit is usually equal to one month’s rent.

Card 120 of 122 Your Financial Future

Stock

A small piece of ownership in a company.

Card 121 of 122 Your Financial Future

Stock Exchange

A place to trade stocks.

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Uninsured/Underinsured Motorist

A type of car insurance that covers any medical and repair bills if an accident occurs with another driver who does not have car insurance

Putting It Into Practice

For long-term learning and retention, classroom lessons need to be put into practice outside of school. Parents and guardians play a key role in their students’ continued learning. Explore worksheets, articles, and other resources available to families to reinforce students’ skills and knowledge at home.

Companion Mobile App

Students also have access to a mobile app that extends important lessons from the course into their everyday lives. This simulation-based experience takes students through the financial decisions they’ll face over the course of their life and models positive financial behaviors along the way.

The FutureSmart app is available in English and Spanish.