#PF2.Q1 Personal Finance Vocabulary Part 1

The physical form of money, such as coins or paper money.

SYNONYMS

money, currency, dough

• Cash

• Credit

• Check

• Debit

Answer explanation

When it comes to buying power, cash is always king.

A record or statement of financial expenditures or receipts, often related to a bank or credit union.

SYNONYMS

ledger, statement

• statement

• settlement

• account

• list

Answer explanation

Sarah had a checking account, a savings account, and a SuperAnimeFan.net account.

Deciding how to spend your money before you actually spend it.

SYNONYMS

allot, earmark, designate

• shopping cart

• grocery list

• wish list

• budget

Answer explanation

They say money talks, but without a budget, it'll probably just say "Bye!"

A bank account that allows quick access to money for everyday expenses.

SYNONYMS

deposit account

• credit card

• checking account

• I.O.U.

Answer explanation

Andrew put his money in a checking account, where he could use it to pay for a steady supply of Dr. Dew and Choritos.

Obtaining something you want with the understanding you'll pay for it later.

SYNONYMS

loan, advance, prepayment

• credit

• checking account

• debit

• deposit

Answer explanation

You tripped over your pet turtle and had to use credit to pay for a shiny new cast.

Turning your money over to a financial institution for safekeeping.

SYNONYMS

store away, save, bank

• withdraw

• deposit

• safety deposit box

• transfer

Answer explanation

By depositing his paycheck into a bank account, Hayden freed up the space under his mattress to hide bad report cards.

A percentage charged when you borrow money. Can also be an amount earned for saving money in a savings account.

SYNONYMS

dividends, returns

• sales

• percentage

• tax

• interest

Answer explanation

Earning interest on savings means the bank is paying you—nice!

An amount available or owed on an account.

SYNONYMS

accounting, amount, amount owing, statement

• sum

• subtract

• balance

• total

Answer explanation

You might have a bank balance of $500, but if you have a credit card balance of $600, you're in the red.

Anything that you spend money on.

SYNONYMS

bills, costs, expenditures

• sale

• deposit

• expense

• budget

Answer explanation

Blair thought that "making it rain" at the mall was a necessary expense, but her parents disagreed.

The amount of money left on your paycheck after taxes have been withheld.

SYNONYMS

net income, take-home pay

• gross pay

• net pay

• lifetime pay

• tax free pay

Answer explanation

Don't mix up your gross pay and your net pay, or you might be spending more than you take home.