Budget
A plan that outlines what money you expect to earn or receive (your income) and how you will save it or spend it (your expenses) for a given period of time.
What is a budget?
In financial terms, refers to the capacity for borrowing money or incurring debt. Types include bank loans, family loans, lines of credit, bank credit cards, and store credit cards.
What is Credit?
Coverage for loss of or damage to a building and/or contents due to fire.
What is Fire Insurance?
An item with economic value, such as stock or real estate.
What is an Asset?
Banking that happens twice a month.
What is Bi Monthly?
In terms of living expenses, these are those expenditures that change from month to month.
What is a variable expense?
To receive something on loan with the understanding that you will return it.
What is Borrowing?
An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.
What is an insurance quote?
The loss that comes from selling an investment for less than you paid for it.
What is capital loss?
A fee your prepaid card provider may charge to replace your card if it is lost, stolen, or damaged.
What is a card replacement fee?
In terms of living expenses, they are those expenditures that remain approximately the same from month to month or from year to year. Eg. rent payments.
What is a fixed expense?
Money borrowed from financial institutions or other lenders for a variety of purposes.
What is Debt?
A policy that will pay a specified sum to beneficiaries upon the death of the insured.
What is Life Insurance?
The profit that comes from selling an investment for more than you paid for it.
What is capital gain?
Refers to any institution or company that offers a financial service or product
What is a financial institution?
Money earned or received such as wages or salaries, tips, commissions, contracted pay, government transfer payments, dividends on investments, tax refunds, gifts, and inheritances.
What is Income?
When you earn interest on both the money you save and the interest you earn.
What is compound interest?
The amount of the loss which the insured is responsible to pay before benefits from the insurance company are payable.
What is a deductible?
An illegal act that occurs when people try to trick you out of your personal information and your money.
What is Fraud?
Paper or coin money.
What is cash?
Total pay before taxes and other deductions are taken out.
What is gross-income?
An individual who signs a loan, credit account, or promissory note of another person as support for the credit of the primary signer and who becomes responsible for the debt obligation.
What is a cosigner?
The written contract of insurance.
What is an insurance policy?
What you pay to use investment products and services.
What are investment fees?
An account at a bank (sometimes called a share draft account at a credit union) that allows you to make deposits, pay bills, and make withdrawals.
What is a checking account?