budgeting vocab Flashcards

1
Q

account balance

A

total amount of money in your account

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2
Q

automated teller machine (ATM)

A

a machine that allows you to perform basic banking functions without the help of a bank teller

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3
Q

balance

A

the money owing on a loan. also the money you have in your account

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4
Q

bank

A

a financial institution that takes cash, lends money and provides other money services

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5
Q

bank fees

A

fees you are charged for using a bank

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6
Q

cheque

A

a written order specifying the amount of money to be paid and the name of the person or company who the money is being paid to

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7
Q

chequing account

A

a personal bank account that lets you write cheques, pay bills, and do other personal money tasks

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8
Q

compound interest

A

interest calculated on both the principal you have on deposit and interest that has accumulated in the past

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9
Q

credit

A

buying now and paying later

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10
Q

creditor

A

the person or business lending you money

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11
Q

credit card

A

a card that lets you buy things now and pay later, usually for a fee

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12
Q

deposit/ credit

A

money you put into your account

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13
Q

debit

A

a withdrawal from your account

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14
Q

debit card

A

a card that allows the user to withdraw money from a bank account to obtain cash or make a purchase

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15
Q

debt

A

money you owe

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16
Q

expenses

A

what you spend your money on

17
Q

identity theft

A

someone pretending to be someone else, typically in order to access resources or obtain credit and other benefits in that person’s name

18
Q

interest bearing account

A

an account that earns interest

19
Q

income

A

the money you make

20
Q

income tax

A

the money you pay each year to the government

21
Q

interest

A

the amount of money you earn by leaving deposits in a bank

22
Q

loan

A

money you have borrowed and agree to pay back for a fee and according to a pay schedule

23
Q

online banking

A

allows account holders to access their account information, view transaction history and perform banking transactions via the internet

24
Q

personal bank account

A

a bank account that lets you save money and do everyday financial transactions, such as pay your bills

25
Q

personal identification number (PIN)

A

a four digit code connected to your debit/ credit card

26
Q

RESP

A

registered education savings plan– a way to save for a child’s future education

27
Q

RRSP

A

registered retirement savings plan– a way to save for your retirement

28
Q

transaction

A

a deposit or withdrawal

29
Q

savings account

A

a personal bank account that pays you interest on the money you put into it

30
Q

spending plan

A

a plan for how you will spend your money so that you can best meet your needs. also called a budget

31
Q

withdrawal

A

money taken out of your account