Module 18 Vocab

Fixed expenses:

expenses that occur regularly and the amount does not change

Variable expenses:

expenses in which the amount does change based on the need or choice

  

Profit:

amount of money left after all the expenses are subtracted from the amount of money received from selling an item or service

   

Interest:

additional money for allowing the bank to use your money

   

Budget:

is an organized plan for spending and saving money

   

​Financial Institutions: 

such as banks and credit card companies; they are keeping money safe, lending money and borrowing money

   

Loan:

when you borrow money from a financial institution, you will pay interest back

  

​ Interest:

is the additional money paid by a borrower to a lender in exchange for the use of the lender’s money