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Budgeting Terms

Part 1 of Unit

TermDefinition
budget A spending plan for managing money during a given period of time
debt Something owed to another with an obligation to pay it back
expenses Amounts of money spent to buy goods and services
fixed expenses Expenses where the amount that you pay each time is the same
flexible Something that can be changed easily
income Money earned through employment and investments
money management The process of using a financial plan to control your money
overdraft The act of spending more money than you actually have in your bank account
periodic expenses Costs that do not occur every month
variable expenses Costs that change in amount each time they are paid
transfer A transaction in which money is moved from one account to another
withdrawal A transaction in which money is subtracted from a bank account, usually to pay for goods or services
deposit A transaction in which money is put into a bank account by the account owner
transactions Moving money to and from bank accounts
checking or debit card ledger A tool for organizing transactions and keeping track of an account balance
Created by: angitwo