Vocabulary 1
a record or statement of financial expenditures or receipts, often related to a bank or credit union.
What is Accounts?
An amount charged for borrowing money or paid to you for lending it.
What is interest?
Anything that you spend money on.
What is expenses?
The money you borrow when using a loan or credit card.
What is principal?
The amount you pay to a healthcare provider before your insurance takes the claim, usually paid before you receive a service.
What is copay?
a fee from your bank or credit union when you try to spend more than what is in your understanding you’ll pay it back, plus more, later.
What is Overdraft?
A plan for what you’re going to spend your money on.
What is a budget?
Moving money from one account to another.
What is transfer?
An amount removed from your bank or credit union account to pay for something.
What is debit?
document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes.
What is Paystub?
Money paid to the federal or state government for services and programs. Everyone has to pay them.
What is tax?
Money earned through work.
What is income?
An amount available in or owned on an account.
What is balance?
The physical form of money, such as coins or paper money.
What is cash?
A contract that allows you to borrow someone’s property for a specified amount of time and money.
What is a lease?
necessities like electricity, gas, and water, which are paid monthly as part of your household expenses.
What is Utilities?
The amount of money you need to pay toward expenses before your insurance will cover the rest.
The amount of money left on your paycheck after taxes have been withheld.
What is net pay?
When you turn money over to a financial institution for safekeeping.
What is deposit?
The time it takes for money from one account to another ( from checking to cash, or from one checking account.
What is clear?
A request to your insurance company to pay for something.
What is a claim?
The amount you owe to someone else.
What is debt?
Borrowing money to pay for something with the account to another)
What is credit?
A budgeting method where you record your earnings twice: once in your account and once in your budget.
What is double entry accounting?
A bank account that allows quick access to money for everyday expenses.
What is checking account?