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budgeting and money

budgeting and money management

TermDefinition
Accounts a record, report, or arrangement used to track money, data, or events.
Balance The amount of money left in a bank account, or the equality between the debit and credit sides of a ledger.
budget is a financial plan that estimates expected income and expenses over a specific period of time.
Cash money in the physical form of coins and paper bills, or immediate payment for goods and services
Checking Account is a type of bank or credit union deposit account designed for everyday money management, frequent spending, and quick access to cash.
Clearing The post-trade process of verifying, reconciling, and routing payment instructions or securities trades before money or assets actually move between parties.
Copay is a fixed, flat dollar amount you pay for a covered healthcare service or prescription at the time you receive it.
Credit an agreement or financial arrangement where a lender gives a borrower money, goods, or services now with the promise that the borrower will repay it later, usually with interest.
Debit an entry or record of money taken out of or owed in a financial account.
Debt something owed to another party—most commonly money, goods, or services—along with the obligation to repay it.
Deposit a sum of money placed into a financial institution for safekeeping or investment, an upfront payment to secure a purchase or rental,
Double Entry Accounting (or bookkeeping) is a financial system where every transaction is recorded in at least two different accounts, using equal and opposite debits and credits.
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 is 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 total amount of money an employee takes home in their paycheck after all taxes and deductions are subtracted from their gross pay.
Paystub a document provided by an employer that details how an employee's pay was calculated for a specific pay period
Principal first in rank, importance, or value as an adjective, or a primary person, financial sum, or leader as a noun.
Transfer to move, shift, or convey something or someone from one place, person, position, or situation to another.
Utilities the essential services and infrastructure required to make a home, apartment, or business livable and functional.
Created by: coIe
 

 



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