VA_FA_Vocabulary

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Budget

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A plan for managing income, expenses, and savings over a specific period.

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Expense

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Money spent on goods, services, or bills.

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Income

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Money earned or received, typically from a job, investments, or business.

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Revenue

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Total income generated by the sale of goods or services.

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Profit

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The financial gain when revenue exceeds expenses.

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Loss

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The financial deficit when expenses exceed revenue.

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Interest

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The cost of borrowing money or the income earned from savings or investments.

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Principal

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The original amount of money borrowed or invested, not including interest.

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Compound Interest

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Interest calculated on both the initial principal and the accumulated interest.

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Simple Interest

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Interest calculated only on the initial principal.