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budgeting and money
budgeting and money management
| Term | Definition |
|---|---|
| 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. |