|ATM ||these letters stand for Automatic Teller Machine. This Is an electronic
banking station that enables people to take care of banking business 24 hours a
day, 7 days a week. You can deposit and withdraw money, pay loans, etc., at
|Balance ||In talking about loans, the _________ is the difference between the amount owed and the amount paid.|
|Balance ||In talking about checkbooks,_________ means to account for all money that came Into and went out of your account, so that at the end of the month you and your bank statement agree. |
|Balance ||In talking about savings, your _____________ Is what Is left In your savings account after you deposit or withdraw money.|
|Budget ||a plan you create for controlling spending and encouraging saving.
|Charge ||to borrow money (from a store, service provider, or credit card
company) to make a purchase. If you do not pay the debt off In full within the
card Issuer's grace period (usually 25-28 days), you will pay Interest on the
amount you owe. |
|Check Register ||a small booklet comes with your checkbook and gives you record sheets that so you can keep track of all the deposits, ATM withdrawals,
and checks you write.|
|Credit ||a loan that enables people to buy something now and to pay for It In the future.
|Credit Card ||a card used to borrow money to make a purchase. If the borrowed amount Is not paid In full within the grace period (approximately 25 to
28 days) Interest Is charged on the amount owed.
|Credit History ||a record of your borrowing and paying habits. Credit reporting
companies track your history and supply this Information to credit card
companies, banks, and other lenders.
|Credit Rating or Score ||this is a score or grade that credit companies assign to you based on how you handle your money and pay your bills.
|Debit Card ||this plastic card looks like a credit card, but It Is used to withdraw money from a savings or checking account. When you use a debit card at
Automatic Teller Machines or In stores to make purchases, money Is immediately withdrawn from your account.|
|Debt ||money or goods you owe.
|Deposit ||to put money Into a bank or investment account. |
|Fixed Expenses ||expenses that stay basically the same from month to month,
such as housing and transportation. |
|Income Tax ||money that wage earners pay the government to run the country.
The amount of the tax depends upon how much you earn.
|Interest ||the amount paid by a borrower to a lender for the privilege of
borrowing the money.
|Interest Rate ||the price paid for the use of someone else's money expressed as
an annual percentage rate, such as 6.5%.|
|Investment ||using your money to try to make more money - for example, by
depositing money In a bank or by buying a bond or stock In a company. |
|Loan ||money or an object that Is lent, usually with the understanding that the loan will be paid back, usually with interest.|
|Mortgage ||usually refers to the money borrowed from a lender to buy a house; the borrower makes payments on the loan each month until the entire loan, along
with interest. Is paid in full.
|Net pay ||the amount of your Income or paycheck after any deductions, like
taxes or Insurance payments, are subtracted. This is your take-home pay.
|Overdraw ||to take more money out of an account than Is available In the account. You write a check for $25.00, but your account contains only $20. You
will have to pay the bank a penalty charge for going over the limit.
|Principal ||this Is the amount of money you borrow In a loan. You pay this back plus interest.
|Profit ||the money you've earned after you subtract a) any money you had to
spend to make the product or perform the service. B) any taxes that had to be
paid on your earnings. |
|Save ||hanging onto your money for a future use Instead of spending it. Saving
Is the opposite of spending. |
|Savings Account ||a bank account that pays you interest for keeping your savings in It. Banks use your money to make loans, so they pay you interest for the use of your money. The FDIC Insures your savings up to $100,000.
|Withdraw ||the act of taking money out of an account|
|Simple Interest ||interest earned on the principal and paid out to a depositor. |
|Compound Interest ||interest computed on the sum of the principal and previously earned interest. |
|Info from ||http://classroom.leanderisd.org/users/1317/May%20Worksheets/PFL%20List.pdf|