Success 201: Personal Finance Basics Vocabulary

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

(a)  

Money you put into your account

• Deposit

• Balance

• Income

• Expense

 A cost that can be expected at regular intervals and that remains the same amount

• Revenue

• Variable Expense

• Cost of Living

• Fixed Expense

A sum of money deducted FROM your account

• Credit

• Deposit

• Asset

• Debit

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

(a)  

A monthly document prepared by your financial institution which shows all of the transactions related to your account

(a)  

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

• Wants

• Cost of Living

• Needs

• Variable Expense

A fixed amount that you are paid over a period of time, regardless of how many hours you work

• Budget

• Revenue

• Wage

• Salary

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

Items or services you pay for such as rent, groceries, entertainment, bills, etc.

• Charge

• Expense

• Liability

• Revenue