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Unit 3 Money
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 payments the information in your credit report determines your credit score, which is shared with lenders and landlords. |
Debit Card | A plastic card 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 |
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 singed at the bottom to take money from an account |
Finance charge | The total dollar amount a buyer pays to uses credit, including interest costs, service charges, and insurance |
Fixed | Not changing |
Gross income | The total amount of earnings before any taxes or other payments are taken out. |
Interest | The amount paid to a lender for borrowing money |
Liability | The amount a person owes including unpaid bills, credit card charges, personal loans, and taxes |
Mortgage | A loan to buy a 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 you debit card |
Principal | The amount borrowed the starting amount of an investiment |
Routing number | A number on a check that identifies the bank where the account is held |
Variable | Subject to change |