Personal Finance vocabulary

Front

What is interest?

Back

Additional money paid by a borrower to a lender in exchange for the use of the lender’s money.

Front

What is a fixed expense?

Back

An expense that occurs regularly and the amount does not change.

Front

What does it mean to donate?

Back

The act or instance of giving.

Front

What is a loan?

Back

Money that is lent by a bank or other financial institution.

Front

What is income?

Back

Money received, especially on a regular basis, for work.

Front

What is a variable expense?

Back

An expense that can change in amount and frequency.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a certain period.

Front

What is savings?

Back

Money that is set aside for future use.

Front

What is a financial institution?

Back

An organization that provides financial services, such as banks and credit unions.

Front

What does it mean to withdraw?

Back

To take money out of a bank account.