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Budgeting and Money

Budgeting and Money Management

TermDefinition
Bank Account is a financial arrangement with a bank or credit union that allows you to safely store, deposit, withdraw, and transfer funds.
Balance means matching your total money earned and saved so that it equals or exceeds your total expenses.
Budget is a written or digital plan that tracks your income
Cash in personal finance refers either to liquid funds available immediately
Checking Account A acts as the central financial hub for your daily money flow,
Clearing means a transaction has finished processing, the bank
Copay is a fixed, upfront out-of-pocket fee paid by a patient
Credit is an agreement between a lender and a borrower that lets the borrower obtain money, goods
Debit is a transaction or entry that removes money from a bank account.
Debt is a financial obligation where one party
Deposit in banking is money placed into a financial institution—such as a bank or credit union
Double Entry Accounting is a bookkeeping method where every financial
Expense a cost or outflow of money that an individual or business incurs to generate revenue, run daily operations, or maintain financial activities.
Income can mean two distinct things: the money an individual or business earns and deposits into an account
Interest is the cost of borrowing money or the reward for saving and lending it.
Net Pay is the actual amount of money you take home after all taxes, benefits, and deductions are subtracted from your gross pay
Paystub is a physical document or digital record that comes with an employee's paycheck or direct deposit
Principal is the original sum of money borrowed in a loan, deposited in an account, or invested, excluding any interest, fees, or earnings.
Transfer is the electronic movement of funds from one bank account to another without using physical cash or paper checks.
Utilities shared, non-differentiating operational platforms or services that multiple financial institutions use together to cut costs, pool resources, and share network infrastructure
Created by: LPecoraro32
 

 



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