an estimate, often itemized, of expected income and expense for a given period in the future.

Sentence:

I often have to set a budget in order to not over spend

income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.

Sentence:

My discretionary income is still enough to pay for vacation.

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

Sentence:

I have to continue to pay recurring expenses.

costs that typically remain the same in price and frequency.

Sentence:

Netflix charges fixed expenses at the end of every month.

expenses that change depending on how often you use a product or service.

Sentence:

Some of my expenses keep changing because of variable expenses.

occurs when a government or company receives more money than it spends, resulting in extra money that can be used for various purposes

Sentence:

Our state ended up having a budget surplus

When a government spends more money than it collects

Sentence:

the governments over spending led us to a budget deficit

the availability of liquid assets to a market or company

Sentence:

The market had a great amount of liquidity.

an independent agency of the United States government that insures deposits in banks and savings associations. The FDIC's mission is to maintain public confidence and stability in the financial system

Sentence:

The FDIC made depositors whole to the extent of their insurance

a nonprofit money making cooperative whose members can borrow from pooled deposits at low interest rates

Sentence:

The credit union closed earlier this year after the embezzlement was discovered

an account at a bank against which checks can be drawn by the account depositor

Sentence:

WE decided to open a checking acount

a computerized electronic machine that performs basic banking functions

Sentence:

I took money out using the ATM

a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

Sentence:

i paid using a debit card

a bank account that earns interest.

Sentence:

i decided to open a savings account with $50

a type of bank or credit union savings account with some features not found in regular savings accounts

Sentence:

jhon puts another $42,000 in a money market account with a 0.5% interest rate

he interest rate earned on an investment in one year, including compounding interest

Sentence:

APY is the interest you'll earn over a year, including compounded interest, as long as you don't withdraw any of your earnings

the interest rate on a loan or investment that is stated without taking inflation into account

Sentence:

The nominal interest rate is the agreed upon percentage that someone will pay back on a loan

A real interest rate is one that has been adjusted for inflation

Sentence:

A 3% real interest rate represents the actual growth in the purchasing power of the money saved in the bank

a complete listing of fees used by Medicare to pay doctors or other providers/suppliers

Sentence:

Generally dental offices have a fee schedule, or a list of prices for the dental services or procedures they offer

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

Sentence:

The signature card form contains the customer's personal information and new account number

a cash reserve that's specifically set aside for unplanned expenses or financial emergencies

Sentence:

Learn to budget and set aside an emergency fund

a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodicaly to the holder of the account.

Sentence:

A recent bank statement for the sawmill revealed that there was more money going out of the business than was coming in

an identifying number allocated to an individual by a bank or other organization and used for validating electronic transactions.

Sentence:

I use a pin to unlock my phone

a deficit in a bank account caused by drawing more money than the account holds.

Sentence:

The account requires a minimum opening deposit of only $25 and doesn't charge any overdraft or maintenance fees

commonly charged by banks when an account lacks the funds needed to cover a transaction, and the bank doesn't allow the transaction to go through

Sentence:

The bank charged a Nonsufficient funds fee

wrongful or criminal deception intended to result in financial or personal gain.

Sentence:

He was found guilty of fraud

a law enforcement agency that protects consumers and promotes competition by enforcing antitrust and consumer protection laws

Sentence:

He had a good run until the FTC filed a lawsuit accusing him with fraud

a crime that occurs when someone uses another person's personal information without their permission for financial gain

Sentence:

He was found guilty of identity theft