Future Smart Vocabulary - Module 5

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Savings Account

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A type of bank account that earns a small amount of interest.

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Revenue

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The amount of money a business makes within a specific time period, typically a month.

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Profit

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Positive earnings, when you have earned more in revenue than you spent on expenses.

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Loss

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Negative earnings, or when your earned revenue is less than your total expenses.

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Net Income

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The amount of money a business makes, after all expenses have been paid. Calculated by this formula: revenue - expenses.

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Principal

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The amount of money originally invested.

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Certificate of Deposit

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A type of savings account which has higher interest rates. Money is left in the account for a specific amount of time or you will pay a penalty.

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Term

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A specific amount of time. It's the amount of time money must be left in an account before it can be used without penalty.

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Checking Account

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A type of bank account that doesn't normally earn interest. It allows you to make withdrawals using an ATM card, debit card or check.

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Deflation

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When the price of goods or services decreases.