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Money/Finance
| Term | Definition |
|---|---|
| asset | an item owned that has value |
| automated teller machine (ATM) | a machine that can perform banking transactions |
| balance | the amount of money in an account; to find the difference between the debits and credits in an account |
| budget | a plan created to monitor spending and saving; to plan for expenses |
| capital | the value of personal items owned, including savings, investments, and property |
| check register | a log to keep track of all checking account transactions, including checks written, debits, deposits, and fees |
| credit report | your financial report card, which includes a record of whether you have been on time in making your loan and credit payment; the information in your credit report determines your credit score, which is shared with lenders and landlords |
| debit card | a plastic card used used for purchases and cash withdrawals that takes money directly from a bank account |
| debt | money owed |
| deposit | money put into an account; to put money into an account |
| dividend | a sum of money given as a bonus based on earnings or savings from a bank or company |
| draft | another name for a check, which is a written order instructing a financial institution to pay a specific amount of money from the account of the person whose name is signed at the bottom; to take money from an account |
| finance charge | the total dollar amount a buyer pays to use credit, including interest costs, service charges, and insurance |
| fixed | not changing |
| gross income | the total amount of earnings before any taxes of other payments are taken out |
| interest 1 | the amount paid to lender for borrowing money |
| interest 2 | the profit earned on an investment |
| liability | the amount a person owes, including unpaid bills, credit card charges, personal loans, and taxes |
| mortgage | a loan to buy real estate, including a home and/or property |
| net income | the amount of pay left after all payroll deductions have been taken out; also called take-home pay |
| net worth | the amount of what you have of value minus what you owe |
| overdraft | a withdrawal from a bank account that exceeds the balance; this can result in checks being returned and fees being charged |
| personal identification number (PIN) | the unique pass code number you use to access your savings or checking accounts and/or to use your debit card |
| principal | the amount borrowed; the stating amount of an investment |
| routing number | a number on a check that identifies the bank where the account is held |
| variable | subject to change |
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