Auditability: What It Means and Why It Matters in Finance and Technology
Warren Team
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Key terms
- Finance ChargeThe total cost of credit, including interest and fees. Calculated based on average daily balance and APR. Avoided entirely by paying statement balance in full each month.
- DeFi (Decentralized Finance)A broad category of financial applications and services built on blockchain networks that operate without traditional intermediaries like banks or brokerages. DeFi platforms allow users to lend, borrow, trade, and earn interest on their crypto assets through smart contracts. This ecosystem aims to make financial services more accessible, transparent, and open to anyone with an internet connection.
- Room and BoardThe combined cost of housing and meal plans at a college or university, which is a significant portion of the overall cost of attendance. Room and board costs vary depending on whether you live on campus, off campus, or at home, and the type of meal plan you select. Many colleges require first-year students to live on campus and purchase a meal plan.
- Living Below Your MeansA financial philosophy of spending less than you earn, creating a surplus for saving and investing. This habit is the foundation of building wealth over time, regardless of income level. It requires distinguishing needs from wants.
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