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Budgeting and Money
Budgeting and Money Management
| Term | Definition |
|---|---|
| Accounts | a specific record in a general ledger used to sot, store, and track financial transactions |
| Balance | a state of equilibrium where opposing forces, weights, or elements are equal, steady, and proportioned |
| Budget | A budget is a financial plan that tracks anticipated income and expenses over a specific period of time |
| Cash | money in the physical form of coins and banknotes (paper currency |
| Checking Account | also called a demand deposit or transactional account) is a bank or credit union account designed for everyday money management, spending, and frequent transactions |
| Clearing | The process by which checks, card transactions, or electronic transfers move between banks. A central system or clearinghouse verifies that the payer has enough funds before the money is officially deposited into the recipient's account |
| Credit | an agreement to get money, goods, or services now and pay for them later, or a financial entry in someone's favor |
| Copay | a fixed, flat dollar amount you pay out-of-pocket for a covered healthcare service or prescription medication, usually at the time you receive the care |
| Debit | a financial entry or transaction that removes money from a bank account or records an increase in an asset or expense (and a decrease in a liability or revenue) in accounting |
| Debt | Debt is an obligation that requires one party (the debtor) to pay money or provide value that they borrowed or withheld from another party (the creditor), usually with added interest |
| Deposit | a sum of money placed into a financial institution for safekeeping, an upfront partial payment to secure a purchase |
| Double Entry Accounting | a financial record-keeping system where every transaction is entered into at least two different accounts as an equal and opposite debit and credit |
| Expense | the cost of operations, goods, services, or everyday living that requires an outflow of money, time, or effort |
| Income | money, value, or financial revenue received by an individual, business, or government in exchange for labor, services, the sale of goods, investments, or property |
| Interest Payment | the fee a borrower pays to a lender for the cost of borrowing money, calculated as a percentage of the remaining loan balance |
| Net Pay | the total amount of money an employee takes home in their paycheck after all taxes, withholdings, and deductions are subtracted from their gross pay |
| Paystub | a document provided by an employer that gives a detailed breakdown of an employee's earnings, deductions, and final take-home pay for a specific pay period |
| Principal | first or highest in rank, importance, or value (as an adjective), or a primary person, financial sum, or legal actor (as a noun) |
| Transfer | the act of moving or shifting something—such as an object, person, right, title, or money—from one place, position, account, or owner to another |
| Utilities | an essential public service provided to a home or business—such as electricity, water, natural gas, or sewage—or the company that supplies it |
Created by:
cxie320