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Vocabulary 405
Content Vocabulary from Unit one #405
| Term | Definition |
|---|---|
| Budgeting | the amount of money that is available for, required for, or assigned to a particular purpose |
| Credit Card | a card authorizing purchases on credit |
| Credit | the provision of money, goods, or services with the expectation of future payment; an addition to a revenue, net worth, or liability account (2): a deduction from an expense or asset account (right-hand side entry) |
| Welfare | an agency or program through which such aid is distributed |
| Cash Flow | a measure of an organization's liquidity that usually consists of net income after taxes plus noncash charges against income 2: a flow of cash |
| Non-Essential Expense | expenses that are not necessary to meet need (wants that can wait for a later time). |
| Discretionary Expense | Cost that a household can survive without, if necessary (i.e. Transportation, forms of insurance) |
| Summarizing | to tell, explain or provide a brief picture of something's idea |
| Intermittent Expense | expenses that do not occur on a regular monthly basis (i.e. Car registration, annual taxes, home or car repairs) |
| Needs | Necessary or required to sustain life or purpose |
| Wants | to have a strong desire for and lack or do not have, but not necessary for life. |
| Excessive | exceeding what is usual, proper, necessary, or normal |
| Income | earnings; exceeding what is usual, proper, necessary, or normal |
| Expense | financial burden or outlay : COST; an item of business outlay chargeable against revenue for a specific period |
| Money Order | an order issued by a post office, bank, or telegraph office for payment of a specified sum of money usually at any branch of the organization |
| Personal Check | A paper document that orders a bank to pay a specific amount of money from the person whose name the check has been issued from, also known as Drawer |
| Electronic Check | A digital version of a paper check and also known as ACH (Automated Clearing House) to or from a persons bank account |
| Unemployment | the state of not being employed : involuntary idleness of workers |
| Zero-based Budget | A method of budgeting in which all expenses must be justified for each new period. It begins at 0 each period and analyzes the needs and the cost |
| Fixed Expense | a cost that has a uniform or relatively uniform or same amount for a specific period -annual income or yield |
| Variable Expense | a cost that changes as the quantity of goods or services changes |
| Debit | A charge against a bank deposit account; an addition to an expense or asset account or a deduction from a revenue, net worth, or liability account; left-hand side entry) |
| ATM or Debit Card | A plastic payment card that can be used instead of cash when making purchases, money is immediately transferred from cardholders account |
| Sound Decision-making | Taking the time to full explore the options and possible outcomes of a decision including discussion with others, research on topic, reflections and if any consequences |
| Calculate | to determine by mathematical processes; to solve; to reckon by exercise of practical judgment |
| General Expense | an overhead expense not directly identifiable with a particular activity or department |
| Discretionary Income | an overhead expense not directly identifiable with a particular activity or department |
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