4th Math Financial Terms

Money coming in to your bank account.

• income

• gross income

• net income

• expense

• needs

Money made before taxes and deductions.

• expense

• gross income

• net income

• want

• needs

Money made after taxes and deductions.

• gross income

• net income

• income

• save

• loan

Money going out of your bank account.

Examples: cell phone bill, car payment, groceries, etc.

• needs

• wants

• loan

• expenses

• borrow

Goods or services that you will not survive without.

Examples; food, water, shelter

• expenses

• wants

• needs

• save

• borrow

Goods or services that you would like, but can survive without.

Examples: video games, Netflix, eating at restaurants, etc.

• needs

• debit

• wants

• credit

• loan

To take or receive money temporarily with the intention of paying it back (usually plus interest.)

• borrow

• save

• loan

• interest

• credit

Money set aside to use later or incase of emergency  (usually from a bank or credit union.)

• borrow

• save

• loan

• interest

• debit

Money borrowed from a financial institution, typically for larger purchases like houses, cars, or college.

• borrow

• save

• loan

• interest

• expense

The price paid for borrowing money.

• loan

• save

• interest

• credit

• depit