Term |
Definition |
| Account Balance |
The net of debits and credits for an account at the end of a reporting period. |
| Accounting |
To provide a record such as funds paid or received for a person or business. Accounting summarizes and submits this information in reports and statements. The reports are intended both for the firm itself and outside parties. |
| Allowance |
Something, such as money, given at regular times (for example, every month) or for a specific purpose. |
| Balance |
The amount of money in an account, determined by credits and debits. |
| Bank |
A financial institution that holds, lends and borrows currency. |
| Bartering |
To trade goods or services without the exchange of money. |
| Bill |
A piece of legal paper money |
| Budget |
A written plan for spending and allocating money. |
| Cash |
Money in the form of bills or coins; currency. |
| Cash On Hand |
Currency that can be accessed immediately. |
| Checking Account |
Deposited funds designed for easy and frequent withdrawals. |
| Coin |
A small piece of metal, usually flat and circular, used as money. |
| Compound Interest |
A method of calculating interest in which accrued interest is added to the principle sum, and the new total is principle. |
| Credit |
Money loaned or borrowed, or the ability to loan or borrow money. Also a deposit in an account. |
| Credit Card |
A plastic card issued by a lender that allows the holder to purchase items on credit. |
| Credit Union |
A non-profit and tax-exempt financial institution that holds, lends and borrows currency for its members. |
| Currency |
Money in any form, especially circulating paper money. |
| Debit |
The amount taken out of an account. |
| Deposit |
To put money into an account. |
| Divedends |
Profits paid to shareholders |
| Donation |
Something, such as money or goods given to a fund or cause. |
| Earn |
To gain something for the performance of service, labor or work. |
| Earning Power |
An individual’s ability to exchange work, goods or services for income. |
| Expenses |
The costs of living |
| Goods |
Items for trade or sale. |
| Income |
The amount of money made from work or sales. |
| Interest |
The cost of borrowing money. |
| Investment |
Money used to create profit. |
| Loan |
Something, like money, lent for temporary use. |
| Money |
Something that can be exchanged for goods and services. |
| Mutual Fund |
A company that pools the funds of multiple investors and them manages those investments. |
| Owe |
To have to pay for something, like goods or services. |
| Paper Money |
Currency in the form of government notes and bank notes. |
| Pay |
To give money in return for goods or services. |
| Price |
The amount of money or goods asked for or given in exchange for something else. |
| Principal |
The initial amount of money loaned or borrowed. |
| Purchase |
The act of buying; something that has been bought. |
| Refund |
A repayment of funds. |
| Register |
A device for recording financial transactions. |
| Save |
To set aside for future use. |
| Savings |
Something set aside and not used, such as money in a bank account. |
| Savings Account |
Deposited funds created to facilitate long-term financial growth. |
| Services |
Tasks performed in exchange for payment. |
| Share |
To divide and parcel out in portions. |
| Shareholder |
Someone who owns stock in a company. |
| Simple Interest |
A method of calculating interest that only considers the principle amount of the loan. |
| Spend |
To pay out money. |
| Statement Of Account |
A financial institution’s records of transactions in various accounts. |
| Stock |
Ownership in a company. |
| Stock Market |
The exchange of stocks. |
| Tax |
A percentage added to a purchase that is paid to the government. |
| Term Deposit |
An interest-earning savings vehicle that requires the invested funds to sit untouched for a specified period of time. |
| Value |
An amount of goods, services or money considered to be a fair exchange, or equal in worth to something else. To rate the worth of something. |
| Withdraw |
To take something like money out of an account. |
