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Definition: an estimate of income and expenditure for a set period.

Sentence: I needed to stay within the budget

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Definition: money left over after a person pays their taxes and pays for essential goods and services like housing and food.

Sentence: She was quite happy with how much money she had after she got her discretionary income

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Definition: a cost that occurs on a regular basis and is necessary for the ongoing operation of a business

Sentence: Rent is a recurring expense at my business

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Definition: an expense for a company(or person) that is the same amount every time it is paid.

Sentence: Utility bills are a fixed expense

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Definition: costs that may vary or be unpredictable

Sentence: A car repair is a variable expense as the prices can vary.

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Definition: when income or revenue exceeds expenditures

Sentence: I saved up more money than expected this month which means I have a budget surplus

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Definition: when money going out (spending) exceeds money coming in (revenue) during a defined period.

Sentence; I had a budget deficit issue, I was earning more than I was earning

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Definition: the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price.

Sentence: Solid cash is a liquid asset as you can just hand that over, while physical and tangible items are less liquid.

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Definition: an independent agency created by Congress to maintain stability and public confidence in the nation's financial system.

Sentence: After the great depression the government created the FDIC to make sure banks never failed citizens again

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Definition: a not-for-profit financial institution that accepts deposits, makes loans, and provides a wide array of other financial services and products.

Sentence: Credit Unions are similar to banks, they even offer credit cards.

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Definition: a deposit account held at a financial institution, such as a bank or credit union.

Sentence: I put a certain percentage of the wage into my checking account

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Definition: computerized telecommunications devices that provide clients of a financial institution with access to financial transactions in a public place.

Sentence: I got 20 bucks from the ATM at my bank

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Definition: a payment card that makes payments by deducting money directly from a consumer's checking account, rather than on loan from a bank or card issuer.

Sentence: The money on my debit card is my own money so I do not owe the bank anything

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Definition: A savings account is an account at a bank or credit union that is designed to hold your money.

Sentence: I use my savings account to hold and save my money

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Definition: an interest-bearing savings account that offers a higher-yield interest rate

Sentence: I get more money from a Money Market deposit account because the interest is higher.

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Definition: (APY) is the rate of interest earned on an investment or savings account over the course of a year.

Sentence: I got an APy of 5% in my savings account

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Definition: The interest rate before taking inflation into account.

Sentence: When looking at interest I like looking at the Nominal Interest Rate to know what I should pay the bank

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Definition: an interest rate that has been adjusted for inflation.

Sentence: my real interest rate on a loan is much lower when accounting for inflation

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Definition: a comprehensive and organized list of fees or charges associated with specific products or services a business or organization provides.

Sentence: This can be used to reimburse doctors and/or companies

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Definition: a document that financial institutions use to authenticate a customer's signature for personal and business bank accounts

Sentance: My bank uses my signature card to make it's me signing things

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Definition: An emergency fund is a set of savings that you can use to cover unexpected financial expenses, such as Job loss, Medical bills, Home or auto repairs, and Other financial emergencies

Sentence: I have an emergency fund in case I need money in emergency situations

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Definition: a list of all transactions for a bank account over a set period, usually monthly.

Sentence: My bank statement showed all the money I had taken out last month

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Definition: a numerical code issued with a payment card that is required to be entered to complete various financial transaction

Sentence: I have to type in my pin number when buying groceries

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Definition: occurs when you don't have enough money in your account to cover a transaction, but the bank pays the transaction anyway.

Sentence: I tried to take out 200 dollars but it ended up becoming an overdraft.

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Definition: Fees resulting from the initiation of a transaction that exceeds the customer's account balance if the customer's bank or credit union declines to make the payment.

Sentence: I tried to write a check but it was returned due to my unsufficient fund fee

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Definition: a crime that involves the intentional use of deception to deprive someone of money or harm their financial health

Sentence: She committed fraud by faking being blind on the streets to get money.

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Definition: a federal agency that protects consumers and promotes competition in the marketplace

Sentence: The FTC can investigate companies

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Definition : a type of identity theft that occurs when someone steals your financial information and uses it for their own financial gain.

Sentence: She committed a identity theft by stealing my card and buying a bunch of things