budgeting vocab Flashcards
account balance
total amount of money in your account
automated teller machine (ATM)
a machine that allows you to perform basic banking functions without the help of a bank teller
balance
the money owing on a loan. also the money you have in your account
bank
a financial institution that takes cash, lends money and provides other money services
bank fees
fees you are charged for using a bank
cheque
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
chequing account
a personal bank account that lets you write cheques, pay bills, and do other personal money tasks
compound interest
interest calculated on both the principal you have on deposit and interest that has accumulated in the past
credit
buying now and paying later
creditor
the person or business lending you money
credit card
a card that lets you buy things now and pay later, usually for a fee
deposit/ credit
money you put into your account
debit
a withdrawal from your account
debit card
a card that allows the user to withdraw money from a bank account to obtain cash or make a purchase
debt
money you owe