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PFL Unit 2

Vocabulary for PFL Unit 2

Asset A of ownership that can be converted into cash, such as a car, house, or savings account; opposite of liability.
Liability Money you owe, such as a home mortgage, credit card balance or car loan; also called debt.
Net worth The value of everything you own, minus all of your debts. (Assets minus liabilities)
Balance sheet A listing all assets and liabilities.
Savings account An interest-bearing account in which you deposit money for future use.
Checking account An account at a bank or other financial institution in which money can be deposited,on which checks can be written and a debit card can be used to access money, including making payments.
Debit card Issued by a bank; it is a payment card that deducts money directly from a consumer’s checking account to pay for a purchase.
Automatic teller machine (ATM) An electronic banking outlet used for withdrawals, deposits, transfers and other banking services
Overdraft Taking out more money than is in an account.
Income statement A snapshot of your income and expenses which shows how much savings or debt you have.
Transaction An event which involves money or payment, such as depositing money in a bank account, moving money between accounts, or buying or selling goods.
Withdrawal Removing funds from an account; a debit.
Deposit To add money to an account; a credit.
Balance The amount of cash in your account at a given moment; or the money you must pay back to a credit card issuer.
Transfer To move funds from one account to another.
Bank statement A record, typically sent to the account holder every month, summarizing that month’s transactions.
Reconcile To compare your bank statement with your checking account records to make sure they agree.
Consumer A person who makes purchases.
Warranty A written agreement issued to the purchaser promising to repair or replace the item within a period of time.
Unit pricing Stating the cost of an item for a single unit such a price per ounce or price per pound.
Rebate Money given back to the buyer, usually by the manufacturer, at the time of sale or mailed at a later date.
Budget A financial plan used to forecast and track income and expenses.
Expense Money spent for goods and services.
Zero-based budget A method of budgeting in which the difference between income and expenses is zero.
Charitable giving Freely giving money to a charitable organization that exists to benefit society as a whole.
Created by: joann.roe



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