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Managing Personal Finances
Managing Personal Finances
Managing Personal Finances
Checking Accounts
Checking Accounts
100
Spending, saving, and investing your money so you can enjoy the kind of life your want, along with financial security
What is personal financial planning
100
The risk of a general increase in the cost of goods and services
What is inflation risk
100
The total amount of money that your earned for a specific time
What is gross pay
100
A written order directing a bank or other financial institution to pay money on demand to the person or comany name on it
What is a check
100
A record of an account holder's signature used to verify identity
What is a signature card
200
What you give up when you make one choice instead of another
What is opportunity cost
200
A plan for using your income in a way that best meets your wants and needs
What is a budget
200
Amounts taken out of your pay before you receive your paycheck
What are deductions
200
Electronic transfers of payments directly from the payer's account to the account of the person being paid
What is direct deposit
200
The account owner has written checks for more money than the balance in the account
What is overdrawn
300
A method of planning to get the most from one's money
What is money management
300
The actual amount of money your earn of receive during a given period
What is income
300
Your gross pay minus deductions
What is net pay
300
The amount that is overdrawn
What is an overdraft
300
A line of credit for overdrawn checks
What is overdraft protection
400
An amount of money used to buy or do something
What is an expense
400
Expenses that occur regularly and are regularly paid
What are fixed expenses
400
Expenses that can change and can be controlled more easily than fixed expenses
What are variable expenses
400
An order for a bank not to cash a particular check
What is a stop payment
400
A bank card that immediately takes money from a checking account when it is used
What is a debit card
500
The difference between the budgeted amount and the actual amount that you spend
What is the budget variance
500
Extra money that can be spent or saved depending on a person's goals and values
What is a surplus
500
When more money is spent than is earned or received
What is a deficit
500
A checkbook log in which an account holder records checking account transactions
What is a check register
500
A signature of the payee on the back of the check
What is an endorsement