Money Terms
The money charged for the privilege of borrowing money on a line of credit or a loan.
What is interest?
A financial institution that accepts deposits from the public.
What is a Bank?
A plan for earning and spending over a period of time.
What is a budget?
What's the name for a paper document issued by an employer to pay an employee for services rendered and time worked.
What is a Paycheck?
Payee
A sum of money that is borrowed with the expectation of being paid back, with additional fees added on.
What is a Loan.
When you put money into your bank account.
What is a deposit?
Money owed from one person to another person / an institution.
What is a debt?
The lowest hourly wage a employer can pay their employee.
What is the minimum wage?
This is the area where you record a note to remind yourself what the payment was for.
Memo
A card issued to consumers that is used to make purchases, with the agreement that the cardholder will ultimately pay back the card issuer for the cost of the items purchased, along with any agreed upon fees and interest.
What is a credit card?
The abbreviation for an Automated Teller Machine?
What is an ATM?
This is what happens when you try to take out more money than you have in your checking account
Overdraft fee
The sum of the income you earn annually at a job
This is when the person cashing the check signs the back of the check to authorize the transfer of funds.
Endorse
An automatic deposit of a paycheck without having to take a physical check to the bank
Direct Deposit
Where one logs deposits and withdrawals from a checking account
The money you receive in your paycheck before deductions are taken out
Gross Pay
This tax is taken out of your paycheck to support discretionary programs, which are reviewed and approved by Congress and the President each year. These include the military, education, infrastructure, and scientific research.
Federal Income Taxes
This is what happens when the account does not have sufficient funds to cover the amount the check is written for.
Bounce
This money funds government programs at the federal, state, and local levels.
Taxes
In personal finance, this term describes a record of how well you manage your debts and repayments.
What is credit history?
The score given by a credit agency regarding your ability to pay off a debt.
What is a credit rating/score?
The sum of a person's knowledge, skills health and experience that makes them valuable and productive, helping them earn more money at their job.
Investing in yourself!
Human Capital
When you record each transactions in your checkbook register.
Balancing your checkbook