Money Flashcards

28 cards·by nicholscm

and moneystock marketchecking/savingsbudgeting

Value

Having worth, desirability, or usefulness

Currency

Any form of money that is in public circulation, for example, paper bills and coins

Loan

An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over a period of time

Compound Interest

This allows the saver to earn interest not only on the amount that was deposited, called the principal, but also on the earned interest.

Interest

The amount of money paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time

Withdrawal Slip

Used to take money out of your account

Income

How much money you have coming in during a given period of time

U.S. Treasury Department

In charge of managing federal finances, collecting taxes, producing currency and coins, and supervising national banks

Economy

Activities related to the production of goods and services in a particular geographic region, such as a country, state, or county

Deposit Slip

Used to put money into your savings account

Checking Account

A bank account that allows a customer to deposit and withdraw money and write checks. This account does not earn interest.

Flexible Expenses

Expenses where you have some control over how much you spend.

Term

The amount of time your money must remain in the account

Expenses

How much money you have going out in a given period of time

Savings Account

A bank account that allows a customer to deposit and withdraw money and earn interest on the balance

Earning Power

The amount of money a person is able to make from his or her work

Financially Sound

To spend less than you earn

Budget

Used to itemize and manage income, expenses, and savings

Ticker Symbol

An abbreviation used to identify a stock for trading purposes

Fixed Expenses

These expenses occur regualarly and are the same month to month

A Good Budget

Includes basic expenses, money left over for unexpected expenses, and regular savings for the future

Discretionary Expenses

Money you choose to spend

Simple Interest

It is calculated for a given period of time such as a month or a year

Principal

Money you have deposited into a savings account

Minimum Deposit

The amount of money a bank requires you to deposit into a newly opend account

Certificate of Deposit (CD)

A savings account that requires you to select a term or length of time you will leave your money in the account, such as a year

Money Market Savings Account

Large dollar amount savings account with higher interest rates

Endorsement

A signature such as on the front or back of the check