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Budgeting and Money
Budgeting and Money Management
| Term | Definition |
|---|---|
| Bank Account | A bank account is a financial arrangement with a bank or credit union that lets you safely deposit, store, withdraw, transfer money, and track your financial transactions. |
| Balance | the ability to maintain your center of mass over your base of support so you can stay upright, stand, or move without falling |
| Budget | a financial plan that tracks expected income and expenses over a specific period of time |
| Cash | Cash is legal tender used for economic transactions, including physical currency like paper bills and metal coins, as well as readily accessible bank deposits |
| Checking Account | A 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 | an open space, process, or action that removes obstructions, settles transactions, or allocates resources |
| Copay | A copay (or copayment) is 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 |
| Credit | an agreement to get money, goods, or services now and pay for them later, or a financial entry in someone's favor |
| Debit | an accounting entry or a financial transaction that records money taken out of a bank account or an increase in an asset/expense account. |
| Debt | something owed to another party—most commonly money, goods, or services—along with the obligation to repay it |
| Deposit | placing money into a bank account for safekeeping, paying an upfront or partial sum to secure a purchase or rental, or leaving behind a natural layer of sediment or minerals |
| Double Entry Accounting | a financial record-keeping method where every transaction is recorded in at least two separate accounts as equal and opposite debits and credits |
| Expense | the cost of operations, goods, services, or everyday living that results in an outflow of money with no expected future economic benefit |
| Income | any money, property, or service that an individual or business receives in exchange for labor, the sale of goods, or the investment of capital |
| Interest | Interest is the cost of borrowing money or the reward for saving and investing it |
| Net Pay | the total amount of money an employee takes home in their paycheck after all taxes and deductions are subtracted from their gross pay |
| Paystub | a document provided by an employer that details how an employee's pay was calculated for a specific pay period |
| Principal | first or highest in rank, importance, or value as an adjective, or a chief figure, money amount, or leader as a noun |
| Transfer | the act of moving, shifting, or conveying a person, object, money, ownership, or responsibility from one place, person, or situation to another |
| Utilities | the essential services and infrastructure required to make a home, apartment, or business livable and functional |
Created by:
kgage32