Moneyville

Accumulate
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.

Balance
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.

Bank Statement

A printed report that shows all the money paid into and out of a customer’s bank account within
a certain period and the total amount left in the account.

Budget
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.

Cash Flow
The movement of money into and out of a business or personal budget as goods are bought and sold.

Checkbook Register
A booklet where you keep track of all deposits and withdrawals from a checking account.

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.

Credit Card
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.

Credit Union
A cooperative savings association that serves its members by providing loans and other financial services.

Debit Card
A plastic card, issued by a bank and used to buy goods and services. Payment is automatically taken from the cardholders bank account.

Endorsement
To sign your name on the back of a check in order to get the cash amount written on the front.

Expense
A good or service for which you must pay.

Fixed Expenses
Monthly expenses that are always the same amount. Example: Rent or mortgage.

Flexible Expenses
Another word for variable expenses.

Goal
Something you want to achieve or have.

Gross Income
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.

Income

Money received over a certain period, especially as a payment for work or as interest on investments.

Income Tax
Tax payable on the total amount of money received from work done and from investments.

Insufficient Funds
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.

Interest
1. A charge for borrowed money, generally a percentage of the amount borrowed.
2. A rate of return on money saved.

Minimum Balance
Some banking accounts require that you keep a certain amount of money in the account to avoid being charged a monthly fee.

Net Income
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.

Overdraft Protection
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
checking account.

Overdrawn
Money is owed to the bank because more money is withdrawn from the account
than the account contained.

Pay Stub
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.

Profit
The difference between income and expenditure.

Saving
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.

Spending Plan
This is another way to describe a budget.

Variable Expenses
Monthly expenses that are different amounts each month. Examples: Phone bill, groceries.

W-2 Form
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.

W-4 Form
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.