Personal Finance Vocabulary

Card that allows you to buy goods & services that you will pay for later

• Debit Card

• Expense

• Checking Account

• Credit Card

A document from your bank that details all of your monthly transactions

• Expense

• Budget

• Checking Account

• Bank Statement

Something you own that has value and the ability to increase in value.

• Liability

• Expense

• Asset

• Credit Card

Something you own that loses value and takes money out of your pocket.

• Liability

• Expense

• Asset

• Credit Card

A sum of money used for a particular purpose

• Expense

• Budget

• Checking Account

• Credit Card

When withdrawals have gone over the available amount.

• Debit Card

• Expense

• Checking Account

• Overdraft

Card that takes money directly from your checking account.

• Debit Card

• Expense

• Checking Account

• Credit Card

A check that is dishonored by the bank because there is not enough money in the account (insufficient funds).

• Debit Card

• Expense

• Checking Account

• Bad Check

Which is the following is an example of fixed expense

• Credit card bill

• Gas for your car

• House payment

• Medical bill

Which is the following is an example of variable expense

• Credit card bill

• Car Payment

• House payment

• Car Insurance