Banzai Teen: Vocabulary questions with complete top solutions

Banzai Teen: Vocabulary questions with complete top solutions Accounts A record or statement of financial expenditures or receipts, often related to a bank or credit union. Balance An amount available or owed on an account. Cash The physical form of money, such as coins or paper money. Budget Deciding how to spend your money before you actually spend it. Checking Account A bank account that allows quick access to money for everyday expenses. Clearing The time it takes for money to move from one account to another (e.g. from checking to cash, or from one checking account to another). Copay The amount you pay to a healthcare provider before your insurance takes the claim, usually paid before you receive a service. Credit Obtaining something you want with the understanding you'll pay for it later. Debit An amount removed from your bank account to pay for something. Debt The amount you owe on a loan. Deposit Turning your money over to a financial institution for safekeeping. Double Entry Accounting A budgeting method where you record your earnings twice: once in your account and once in your budget. Expense Anything that you spend money on. Income Money earned through work. Interest A percentage charged when you borrow money. Can also be an amount earned for saving money in a savings account. Net Pay The amount of money left on your paycheck after taxes have been withheld. Paystub A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes. Transfer Moving money from one account to another. Utilities Necessities like electricity, gas, and water, which are paid monthly as part of your household expenses. Claim A request to your insurance company to pay for healthcare that you've already received. Lease A contract that allows you to borrow someone's property for a specified amount of time and money. Tax An amount paid to the federal or state government to pay for services and programs. Taxes are compulsory, which means everyone has to pay them.