25 terms

Budget Vocabulary

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Fixed Expenses
Expense that stays the same from month to month
Variable Cost
Costs of production that change as a firm's output level changes.
The Federal Reserve
A national banking system, established in 1913, that controls the U.S. money supply and the availability of credit in the country. Distributes money.
U.S. Department of Treasury
Federal government agency requires that deposits of $10,000 or more must notify be to track large deposits. Prints money
Value
it has worth, desirability, or usefulness
Denomination
number stamped or printed on money
Currency
type of money (United State is the U.S. dollar)
Finances
are assets or resources in the form of money
Personal finances
include the money you earn, spend, and save
Budget
a tool that helps you plan your spending
the goal is to balance the budget to make sure income = expenses or income > expenses
Interest
additional money paid to you in exchange for the use of your money for a period of time.
Barter
trade or get things one needs or wants. People use money to make exchange easier because it is assigned specific value.
Inflation
An increase in the general price of goods and services
Income
money that comes in to you
Assets
anything of value owned by a person or company
Expenses
money spent or money that goes out
Liabilities
money an individual or business owes to someone else
Appreciate
to increase in value or price over time
Depreciate
to decrease in value or price over time.
Transaction
A money activity that changes the income because of deposit, expense deduction or transfer
"Hand to mouth"
an expression which means they spend whatever they earn
Fixed
money that is a set or standard amount each month
Flexible/Varied
changes from month to month
Estimate
Guess based on past knowledge or facts
Unexpected Expenses
Miscellaneous money you have not planned
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