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Deposit
To put money inside
a bank account.
Allowance
Money given for personal spending, based on different factors, such as doing chores.
Balance
The amount of money you have in your account, after deposits and withdrawals.
Bank
an institution for receiving, keeping, and lending money
Savings Account
A bank account that helps keep money safe for a long time and allows people to earn interest.
Bond
Certificates sold by companies or governments in order
to raise money. Bonds are issued for a specific amount
of time. The government or company that sold the bond
must pay interest to the buyer during that time.
Credit Union
Is a not-for-profit financial
cooperative where every
member is also an owner
or shareholder of the
financial institution.
Certificate of Deposit
Also known as a CD, it is a savings
account at the bank that if you
withdraw it early, it has a penalty.
Cost
The amount a
person pays for a
product.
Expenses
Payment for goods or
services.
Financial Institution
A bank or credit union
that offers services to
help people with their
money.
Fixed Expenses
Expenses that stay the same
from month to month.
Interest
Extra money paid back when money
is borrowed.
Money Market Account
This is a kind of savings account offered by a
bank or brokerage company. Because you
must deposit a required amount in the
account, money market accounts usually pay
more interest than a regular savings account.
Profit
The financial gain made in a transaction
Revenue
incoming money
Saving
Putting money aside to
save to pay for something
in the future.
Spend
To pay for a product or
service using money.
Variable Expenses
Expenses that change from
month to month.
Withdrawal
To take money out
of a bank account.