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.

a state of equilibrium, where physical, mental, financial, or opposing forces are held in equal or stable proportions

is a quantitative financial plan that estimates revenues (income) and expenses (outspending) over a specific period, such as a month, quarter, or year

money in the form of physical coins and paper banknotes, or liquid assets that can be used immediately

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.

The process where banks exchange and verify check or electronic payments (like ACH or wire transfers) to ensure the payer has enough funds before money officially moves.

(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 means receiving goods, services, or money now with a promise to pay for them later, usually with added interest.

an accounting entry or a financial transaction that records money taken out of a bank account or an increase in an asset/expense account

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

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 financial record-keeping method where every transaction is recorded in at least two separate accounts as equal and opposite debits and credit

the cost of operations, goods, services, or everyday living that results in an outflow of money with no expected future economic benefit

any money, property, or service that an individual or business receives in exchange for labor, the sale of goods, or the investment of capital

When you take out a loan, mortgage, auto loan, or use a credit card, you must pay back the original amount borrowed (the principal) plus an extra fee. This fee compensates the lender for the risk and the time they cannot use their money

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budgeting and money

budgeting and money managment

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	a state of equilibrium, where physical, mental, financial, or opposing forces are held in equal or stable proportions
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	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	The process where banks exchange and verify check or electronic payments (like ACH or wire transfers) to ensure the payer has enough funds before money officially moves.
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	Credit means receiving goods, services, or money now with a promise to pay for them later, usually with added interest.
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—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 financial record-keeping method where every transaction is recorded in at least two separate accounts as equal and opposite debits and credit
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	When you take out a loan, mortgage, auto loan, or use a credit card, you must pay back the original amount borrowed (the principal) plus an extra fee. This fee compensates the lender for the risk and the time they cannot use their money

Created by: msilleman32

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