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chapter 2 budget
| Question | Answer |
|---|---|
| Bank Account | 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 | is the net amount of money available, owed, or remaining in a financial account after all debits and credits have been calculated |
| Budget | is a quantitative financial plan that estimates revenues (income) and expenses (outspending) over a specific period, such as a month, quarter, or year |
| Cash | means money in the form of physical coins and paper banknotes, or liquid assets that can be used immediately |
| Checking Account | 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 | is the post-trade process that verifies transaction details, reconciles orders, manages counterparty risk, and prepares funds or securities to change hands between a buyer and a seller |
| Copay | (or copayment) is a fixed, flat fee that you pay out of pocket directly to a healthcare provider or pharmacy at the time of service |
| Credit | receiving goods, services, or money now with a promise to pay for them later, usually with added interest |
| Debit | is 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 | is something—usually money—that one party (the debtor) owes to another party (the creditor), along with a legal or binding obligation to pay it back |
| Deposit | putting money into a bank account for safekeeping, paying an upfront partial payment to secure a purchase or rental, or referring to a natural accumulation of minerals or sediment |
| Double Entry Accounting | is a bookkeeping system where every financial transaction is recorded across at least two accounts as equal and opposite debits and credits |
| Expense | is the cost of operations, goods, services, or everyday living that results in an outflow of money with no expected future economic benefit |
| Income | the cost of operations, goods, services, or everyday living that results in an outflow of money with no expected future economic benefit |
| Interest | is the cost of borrowing money or the reward for lending and depositing money. It is usually expressed as a percentage of the original amount, known as the principal |
| Net Pay | is the actual amount of money an employee takes home in their paycheck or direct deposit after all taxes and deductions are subtracted from their gross pay. It is also widely known as take-home pay. |
| Paystub | a document provided by an employer that details an employee's gross pay, earnings, deductions, and final net pay for a specific pay period |
| Principal | The original amount of money lent, borrowed, or invested, separate from any interest or profit earned. |
| Transfer | is the act of moving, shifting, or conveying a person, object, money, ownership, or responsibility from one place, person, or situation to another. |
| Utilities | is the total satisfaction, benefit, or value a person gets from consuming a good, service, or financial decision. In personal finance, utility theory helps explain how people make budgeting, spending, saving, and investing choices |
Created by:
cpostle32