Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
budgetting and money
budgetting and money management
| Term | Definition |
|---|---|
| Bank Account | t is a financial arrangement with a bank or credit union that lets you safely deposit, store, withdraw, and transfer money while the institution keeps a record of your transactions. |
| Balance | a state of equilibrium, where physical, mental, financial, or opposing forces are held in equal or stable proportions |
| Budget | t is a quantitative financial plan that estimates revenues (income) and expenses (outspending) over a specific period, such as a month, quarter, or year. |
| Cash | money in the form of physical coins and paper banknotes, or liquid assets that can be used immediately. |
| Checking Account | t is a deposit account held at a financial institution (such as a bank or credit union) that allows you to store money and access it immediately for everyday spending and transactions. |
| Clearing | The process where banks exchange and verify check or electronic payments to ensure the payer has enough funds before money officially moves. |
| Copay | (or copayment) is a fixed, flat dollar amount you pay for a covered healthcare service or prescription at the time you receive it. |
| . Credit | receiving goods, services, or money now with a promise to pay for them later, usually with added interest |
| Debit | t is an accounting entry or financial transaction that records money taken out of an account, an increase in an asset or expense, or a decrease in a liability, equity, or revenue. |
| Debt | is a financial obligation requiring a borrower (debtor) to repay borrowed money or value to a lender (creditor), typically with added interest. |
| Deposit | is a sum of money placed into a Bank Deposit for safekeeping or interest, or paid upfront as a partial or security payment to guarantee a purchase, rental, or contract. |
| Double Entry Accounting | is a bookkeeping method where every financial transaction is recorded in at least two accounts as equal and opposite debits and credits |
| . Expense | the cost of operations or personal living that requires an outflow of money or assets in exchange for a product, service, or immediate benefit |
| . Income | money, compensation, or benefits received in exchange for work, services, sales, or investments |
| . Interest | the monetary cost of borrowing money or the financial reward earned for saving and investing |
| Net Pay | an employee's actual take-home pay calculated by subtracting all mandatory withholdings, pre-tax deductions, and post-tax deductions from gross pay. |
| Pay stub | a document that itemizes an employee's compensation, taxes, and deductions for a specific pay period. |
| Principal | is the original amount of money borrowed, lent, or invested, separate from any interest, fees, or earnings. You can learn more about how it works through the Investopedia Principal Guide or check basics on Investor.gov |
| Transfer | to move or shift someone or something from one place, person, group, or situation to another |
| Utilities | basic services and infrastructure needed to keep a home, apartment, or business functioning. |
Created by:
mseavy32