Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
PFL Unit 2
Vocabulary for PFL Unit 2
| Term | Definition |
|---|---|
| Asset | A of ownership that can be converted into cash, such as a car, house, or savings account; opposite of liability. |
| Liability | Money you owe, such as a home mortgage, credit card balance or car loan; also called debt. |
| Net worth | The value of everything you own, minus all of your debts. (Assets minus liabilities) |
| Balance sheet | A listing all assets and liabilities. |
| Savings account | An interest-bearing account in which you deposit money for future use. |
| Checking account | An account at a bank or other financial institution in which money can be deposited,on which checks can be written and a debit card can be used to access money, including making payments. |
| Debit card | Issued by a bank; it is a payment card that deducts money directly from a consumer’s checking account to pay for a purchase. |
| Automatic teller machine (ATM) | An electronic banking outlet used for withdrawals, deposits, transfers and other banking services |
| Overdraft | Taking out more money than is in an account. |
| Income statement | A snapshot of your income and expenses which shows how much savings or debt you have. |
| Transaction | An event which involves money or payment, such as depositing money in a bank account, moving money between accounts, or buying or selling goods. |
| Withdrawal | Removing funds from an account; a debit. |
| Deposit | To add money to an account; a credit. |
| Balance | The amount of cash in your account at a given moment; or the money you must pay back to a credit card issuer. |
| Transfer | To move funds from one account to another. |
| Bank statement | A record, typically sent to the account holder every month, summarizing that month’s transactions. |
| Reconcile | To compare your bank statement with your checking account records to make sure they agree. |
| Consumer | A person who makes purchases. |
| Warranty | A written agreement issued to the purchaser promising to repair or replace the item within a period of time. |
| Unit pricing | Stating the cost of an item for a single unit such a price per ounce or price per pound. |
| Rebate | Money given back to the buyer, usually by the manufacturer, at the time of sale or mailed at a later date. |
| Budget | A financial plan used to forecast and track income and expenses. |
| Expense | Money spent for goods and services. |
| Zero-based budget | A method of budgeting in which the difference between income and expenses is zero. |
| Charitable giving | Freely giving money to a charitable organization that exists to benefit society as a whole. |
Created by:
joann.roe
Popular Economics sets