FSA Budget Vocab
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10 terms
Terms | Definitions |
|---|---|
 Budget | A spending plan and a list of spendable funds |
| Balanced Budget | When money coming in is equal to money going out |
| Fixed Expenses | Expenses that do not generally change from month to month (car and house payments for example) |
| Deposit | put money into a bank account |
| Withdraw | take money out of a bank account |
| Loan | an amount of money borrowed from a bank to purchase big items like houses and cars that you cannot afford to pay cash for |
| Principal | equal to the amount you actually borrowed |
| Interest | a fee charged by the bank for each month the loan is not repaid |
| Term | the length of time the bank agrees to allow you to pay it back. Car loans typically have a 4 or 5 year long term. Mortgages typically have a 15 or 30 year term. |
| Mortgage | a special loan that is given so that people can buy a house. Banks charge a lot of interest to lend people this money, because the amounts are large and they pay it back very slowly (15 or 30 years.) |
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