To grow or increase over time.
ATM (Automatic Teller Machine)
A machine that allows you to do your banking (like taking cash from your account or making deposits) without dealing with a person. All you need is a card and a password.
The amount of money remaining in an account at any given time.
Bank or Financial Institution
A business that keeps money for people or businesses, makes loans, and offers other financial services.
A printed report that shows all the money paid into and out of a customerâ€™s bank account within
a certain period and the total amount left in the account.
1. An estimate of money available and a plan for how it will be spent over a period of time.
2. An amount of money needed or provided for a specific purpose.
The movement of money into and out of a business or personal budget as goods are bought and sold.
A booklet where you keep track of all deposits and withdrawals from a checking account.
An arrangement with a bank or financial institution that allows the customer to deposit money
and, by writing checks, draw it out without giving notice.
A plastic card, issued by a bank or financial institution, which guarantees that payment for goods or services will be made to the seller by the card issuer. The card issuer lends the money to the cardholder and the cardholder then makes payments to the card issuer at a later time.
A cooperative savings association that serves its members by providing loans and other financial services.
A plastic card, issued by a bank and used to buy goods and services. Payment is automatically taken from the cardholders bank account.
To sign your name on the back of a check in order to get the cash amount written on the front.
A good or service for which you must pay.
Monthly expenses that are always the same amount. Example: Rent or mortgage.
Another word for variable expenses.
Something you want to achieve or have.
The amount of money received by a person or an organization in the form of wages, profit or interest before taxes, etc. have been deducted.
Money received over a certain period, especially as a payment for work or as interest on investments.
Tax payable on the total amount of money received from work done and from investments.
When an individual writes out a check for more money than they actually have in their account, the check cannot be cashed because of insufficient funds.
1. A charge for borrowed money, generally a percentage of the amount borrowed.
2. A rate of return on money saved.
Some banking accounts require that you keep a certain amount of money in the account to avoid being charged a monthly fee.
The amount of money received by a person or an organization in the form of wages, profit or interest after tax has been taken off.
Some banking accounts have a feature that protects consumers from a problem with insufficient funds. The bank or credit union will "cover" the check by issuing a loan to the account holder requiring that the amount be paid back with interest. Another way this might be accomplished is through a transfer of funds from the account holder's savings account into the
Money is owed to the bank because more money is withdrawn from the account
than the account contained.
This is a form, usually attached to a company paycheck which provides detailed information about all the taxes and other deductions which have been subtracted from the gross earnings for the period. If direct deposit is used this may be called an earnings statement.
The difference between income and expenditure.
Setting aside some money from current earnings for use sometime in the future.
Social Security Tax -
FICA (Federal Insurance Contributions Act)
Commonly known as Social Security, this law requires employers to withhold wages and make payments to a trust fund maintained by the government which provides retirement and other benefits.
This is another way to describe a budget.
Monthly expenses that are different amounts each month. Examples: Phone bill, groceries.
Most employers withhold the income taxes you owe from each paycheck and submit them to the federal government. After the end of the year, you receive a W-2 Form which reports your annual earnings and the taxes that have already been paid for federal income tax.
When you begin employment, your employer will ask you to fill out a W-4 form on which you indicate the number of exemptions and expected deductions you will claim. The amount of income tax withheld and sent to the government is based on the information you provide on this form.