CFM Review Terms for Final – Budgets and Banking

______________ an estimate of income and expenditures for a set period of time.

• Budget

• Invoice

• Receipt

• Voucher

______________ the money you receive in exchange for your labor (when you work).

• Income

• Expense

• Debt

• Tax

___________________ income remaining after deductions of taxes and other mandatory charges, available to be spent or saved as one wishes.

• Discretionary income

• Gross income

• Net income

• Disposable income

_____ income remaining after deduction of taxes, other mandatory charges, and expenditures on necessary items.

• Disposable income

• Gross income

• Net profit

• Capital income

__________________ Expenses, like bills, that must be paid each month and generally cost the same amount. (examples, mortgages, rent, car payments)

• Fixed expense

• Variable expense

• Irregular expense

• Discretionary expense

__________________ Expenses that change in amount from month to month.

• Variable expense

• Fixed expense

• Discretionary expense

• Capital expense

_____ payment card that is linked to a checking or savings account and deducts money directly from the account when used.

• Debit card

• Credit card

• Gift card

• Prepaid card

_____ financial tool that allows a cardholder to borrow money from a bank or credit card company to make purchases. Often used as a substitute for cash or checks and can be a convenient way to pay for things.

• Credit card

• Debit card

• Loan agreement

• Savings account

______________ a sequence of nine digits used by banks to identify specific financial institutions within the U.S.

• Bank routing number

• Account number

• Credit card number

• SWIFT code

____________________ a unique identifier for a checking account at a bank or other financial institution that you have.

• Bank account number

• Routing number

• Credit card number

• Loan number