Personal Finance Basics Vocabulary

 A valuable resource that is owned by a person, company, or government in order to get an economic benefit.

A plan of your expected income and how you will use it to meet your expected expenses over a period of time

• Plan

• Budget

• Statement

• Income

Expenses that are essential for you to be able to live and function

• Wants

• Cost of Living

• Needs

• Variable Expense

To sign the back of a check made out to you so it can be cashed or deposited

A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

• Maintenance

• Annual Percentage

• Insurance

• Interest

To compare your bank's monthly account statement with your own records of activity for the same account

Money you put into your account

• Deposit

• Balance

• Income

• Expense

A set amount you are paid for every hour that you work; also called hourly pay

• Salary

• Wage

• Revenue

• Credit

Expenses that help you live more comfortably

A sum of money deducted FROM your account

• Credit

• Deposit

• Asset

• Debit