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budgeting and money
budgeting and money mangement
| Term | Definition |
|---|---|
| Accounts | a record, agreement, or profile that gives you access to a service, tracks financial transactions, or verifies an identity |
| Balance | the physical, mental, or functional state of equilibrium where weight, forces, or influences are equally distributed |
| Budget | a financial plan that tracks expected income and expenses over a specific period of time. |
| cash | Cash is physical money in the form of banknotes and coins. In business and finance, it also means liquid assets or immediate funds available in bank accounts and cash equivalents. |
| Checking Account | is a deposit bank account designed for daily financial transactions, including spending, paying bills, and making withdrawals. |
| Clearing | refers to the post-trade process of reconciling, validating, and matching transactions before they are finally settled with the actual transfer of money or assets |
| Copay | A copay (or copayment) is a fixed, flat dollar amount you pay out-of-pocket for a covered healthcare service or prescription drug at the time you receive care. |
| credit | is a contractual agreement where a borrower receives money, goods, or services immediately with a formal promise to pay for them later, usually with interest or fees. |
| debit | refers to a withdrawal or subtraction of money from a bank account, or an entry recorded on the left side of a ledger in double-entry bookkeeping. |
| debt | is an obligation that requires a borrower (the debtor) to pay money borrowed or withheld back to a lender (the creditor), usually with added interest |
| deposit | money placed into a financial institution for safekeeping, or a partial upfront payment given to secure a purchase, rental, or contract. |
| Double Entry Accounting | Double-entry bookkeeping is an accounting method where every financial transaction is recorded in at least two different accounts—one as a debit and one as a credit—so that total debits always equal total credits |
| Expense | the cost of operations or money paid out to acquire goods, services, or run a business |
| Income | money, property, goods, or services that an individual or a business receives in exchange for labor, services, the sale of goods, or capital investments. |
| Interest Payment | the cost you pay a lender for borrowing money, calculated as a percentage of your remaining loan balance |
| Net Pay | the actual amount of money you receive in your bank account or paycheck after all mandatory taxes and voluntary deductions are subtracted from your gross pay. |
| Paystub | a document that itemizes an employee's total compensation, tax withholdings, and deductions for a specific pay period |
| Principal | in money is the original amount of money borrowed in a loan or invested in an account, separate from any interest, fees, or earnings. |
| Transfer | to move, shift, or convey something or someone from one person, place, vehicle, or situation to another |
| Utilities | an organization that maintains the infrastructure and supplies essential daily services to the public |
Created by:
dschauer32