A record or statement of financial expenditures or receipts, often related to a bank or credit union.

An amount available or owed on an account.

Deciding how to spend your money before you actually spend it.

The physical form of money, such as coins or paper money.

A bank account that allows quick access to money for everyday expenses.

the process of verifying, reconciling, and preparing financial transactions or checks between institutions before actual money moves.

typically refers to one of two distinct concepts: healthcare cost-sharing or medical accounts receivable (AR) financing

Obtaining something you want with the understanding you'll pay for it later

An amount removed from your bank account to pay for something.

Turning your money over to a financial institution for safekeeping.

double entry accounting

bookkeeping method where every financial transaction is recorded across at least two accounts as equal and opposite debits and credits, keeping the core accounting equation (Assets = Liabilities + Equity) in balance

Anything that you spend money on.

A percentage charged when you borrow money. Can also be an amount earned for saving money in a savings account.

The amount of money left on your paycheck after taxes have been withheld.

A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes.

The amount of money that you borrow when using a loan or credit card.

Moving money from one account to another.

Necessities like electricity, gas, and water, which are paid monthly as part of your household expenses.

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chap 2 vocab

Term	Definition
bank account	A record or statement of financial expenditures or receipts, often related to a bank or credit union.
balance	An amount available or owed on an account.
budget	Deciding how to spend your money before you actually spend it.
cash	The physical form of money, such as coins or paper money.
checking account	A bank account that allows quick access to money for everyday expenses.
clearing	the process of verifying, reconciling, and preparing financial transactions or checks between institutions before actual money moves.
copay	typically refers to one of two distinct concepts: healthcare cost-sharing or medical accounts receivable (AR) financing
credit	Obtaining something you want with the understanding you'll pay for it later
debit	An amount removed from your bank account to pay for something.
debt	The amount you owe on a loan.
deposit	Turning your money over to a financial institution for safekeeping.
double entry accounting	bookkeeping method where every financial transaction is recorded across at least two accounts as equal and opposite debits and credits, keeping the core accounting equation (Assets = Liabilities + Equity) in balance
expense	Anything that you spend money on.
interest	A percentage charged when you borrow money. Can also be an amount earned for saving money in a savings account.
income	Money earned through work.
net pay	The amount of money left on your paycheck after taxes have been withheld.
paystub	A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes.
principal	The amount of money that you borrow when using a loan or credit card.
transfer	Moving money from one account to another.
utilities	Necessities like electricity, gas, and water, which are paid monthly as part of your household expenses.

Created by: mbrisley32

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