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Budgeting and Money

Budgeting and Money Management

TermDefinition
Accounts 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 time it takes for money to move from one account to another (e.g. from checking to cash
Copay The amount you pay to a healthcare provider before your insurance takes the claim
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 (or double-entry bookkeeping) is a financial record-keeping system where every transaction is entered into at least two different accounts as an equal and opposite debit and credit
Expense the cost of operations, goods, services, or everyday living that involves an outflow of money or assets
Income any money, property, or service that an individual or business receives in exchange for labor, the sale of goods, or investments
Interest Payment the fee a borrower pays to a lender for the use of borrowed money, or the return a saver or investor earns for depositing or lending funds
Net Pay the amount of money an employee actually takes home after all taxes, benefits, and deductions are subtracted from their gross pay
Paystub a document that breaks down an employee's earnings, deductions, and net pay for a specific pay period
Principal is the original sum of money borrowed, loaned, or invested, separate from any interest, earnings, or fees
Transfer to move, shift, or convey something or someone from one place, person, position, or situation to another
Utilities the movement of money, assets, or ownership rights from one account, person, or entity to another
 

 



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