Flashcards › Health & Life Skills › Personal Finance
Money and Budgeting Basics
Earning, saving, spending, budgeting and everyday money words.
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- IncomeTermMoney you earn or receive
- ExpenseTermMoney you spend
- BudgetTermA plan for how to spend and save money
- NeedsTermThings you must have, like food, shelter and clothing
- WantsTermThings you would like but can live without
- SavingTermSetting money aside for later
- SpendingTermUsing money to buy things
- EarningTermGetting money for work
- AllowanceTermMoney children receive regularly from a family
- WageTermMoney paid for work, often by the hour
- SalaryTermA fixed yearly payment for a job
- TipTermExtra money given to thank someone for service
- Gross payTermPay before taxes are taken out
- Net pay (take-home pay)TermPay after taxes and deductions
- TaxTermMoney people pay to the government for public services
- Income taxTermTax on money you earn
- Sales taxTermTax added to things you buy
- DeductionTermAn amount subtracted from pay
- BankTermA business that holds and lends money
- Credit unionTermA not-for-profit financial cooperative owned by members
- Savings accountTermAn account that holds money and pays interest
- Checking accountTermAn account for everyday spending with checks or a debit card
- DepositTermMoney put into an account
- WithdrawalTermMoney taken out of an account
- BalanceTermThe amount of money in an account
- Debit cardTermA card that takes money directly from your bank account
- ATMTermMachine to withdraw cash or make deposits
- PINTermPersonal identification number, a secret code for a card
- CashTermCoins and paper money
- CheckTermA written order for the bank to pay money
- InterestTermMoney paid for using money, earned on savings or paid on loans
- Compound interestTermInterest earned on both the money and past interest
- Simple interestTermInterest calculated only on the original amount
- PrincipalTermThe original amount of money borrowed or invested
- Goal settingTermDeciding what you want to save for
- Short-term goalTermA goal you can reach soon
- Long-term goalTermA goal that takes many years
- Emergency fundTermMoney saved for unexpected costs
- Pay yourself firstTermSaving some money before spending the rest
- Save, spend, shareTermThree jobs for money: keep some, use some, give some
- DonationTermMoney or goods given to help others
- CharityTermAn organization that helps people in need
- Opportunity costTermWhat you give up when you choose one thing over another
- Trade-offTermGiving up one thing to get another
- PriceTermThe amount of money a good or service costs
- ValueTermWhat something is worth to you
- Unit priceTermThe price per single unit, like per ounce
- Comparison shoppingTermChecking prices at several places before buying
- CouponTermA voucher for a discount
- SaleTermA time when items are priced lower
- Impulse buyingTermBuying without planning
- AdvertisingTermMessages that try to persuade you to buy
- ProfitTermMoney left after costs are subtracted from earnings
- EntrepreneurTermA person who starts a business
- SupplyTermHow much of something is available
- DemandTermHow much people want something
- InflationTermA general rise in prices over time
- InvestingTermPutting money into something hoping it grows
- StockTermA small share of ownership in a company
- BondTermA loan to a company or government that pays interest
- Mutual fundTermA mix of many investments pooled together
- DiversificationTermSpreading money across different investments to lower risk
- RetirementTermThe time of life after stopping regular work
- Net worthTermWhat you own minus what you owe
- AssetTermSomething valuable that you own
- LiabilityTermSomething you owe
- 50/30/20 ruleTermAbout 50% needs, 30% wants, 20% savings
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