Success 201: Personal Finance Basics Vocabulary

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

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

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