Term
click below
click below
Term
Normal Size Small Size show me how
Budgeting and Saving
Term | Definition |
---|---|
Interest | the fee someone pays to be able to borrow money |
Principal | the sum of money you put into an account; the amount of money you owe on a debt |
Compound Interest | earning interest on your interest |
Rule of 72 | a method for estimating how long it will take compound interest to cause a principal to double |
Budget | an itemized summary of probable expenditures and income for a given period |
Defecit | the amount by which expenditures exceed income |
Fixed Expense | an unchanging expenditure |
Income | money recieved |
Surplus | the amount of money remaining after all expenses have been met |
Flexible Expense | an expenditure that varies |