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budgeting money
budgeting and money managment
| Term | Definition |
|---|---|
| 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 | means comparing your personal financial records (like a checkbook register, spreadsheet, or budgeting app) with your official monthly bank statement to make sure they match. |
| 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 | most commonly refers to the act of inspecting, testing, or verifying something for accuracy, or short for a checking account—a bank account used for everyday deposits, withdrawals, and payments. |
| clearing | is the post-trade process of verifying, reconciling, and exchanging payment or transaction information between financial institutions before any actual money or assets move in final settlement. |
| copay | that refers to a fixed, upfront out-of-pocket fee a person pays at the time of receiving a covered medical service |
| credit | refers to borrowed money that a bank or financial institution lets you use with the promise that you will pay it back later, usually with interest. |
| debit | in a bank account means a transaction that takes money out of your account, reducing your overall balance. |
| debt | an internal department of a financial institution (such as the loan, retail, or trust department), or a state/government Banking Department (such as a state regulator overseeing financial institutions). |
| deposit | is money placed into a financial institution for safekeeping or interest. It creates a liability for the bank and an asset for the customer. |
| double entry accounting | is a bookkeeping method where every financial transaction is recorded across at least two accounts as equal and opposite debits and credits. |
| expense | the money spent or cost incurred by an individual or business in the course of generating revenue or running daily operations. |
| income | money received from work, investments, or business operations. |
| interest | the cost you pay to borrow money or the reward a bank pays you to save it. When you take out a loan or use a credit card, you pay extra money on top of the original amount. |
| net pay | the total amount of money an employee takes home after all mandatory and voluntary deductions are subtracted from their gross pay |
| paystub | a document from an employer that details an employee's earnings, tax withholdings, and benefit deductions for a specific pay period, showing the exact breakdown of how gross pay becomes take-home net pay. |
| principal | is the original amount of money borrowed on a loan or initially deposited into an investment or savings account, separate from any interest, fees, or earnings. |
| transfer | is the electronic movement of funds from one bank account to another. |
| utilities | one of three concepts: shared operational back-end services that banks outsource or build cooperatively to cut costs, proosed policy models treating core banking like public infrastructure, or standard household utility bills used to verify identity. |
Created by:
abrennan320