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Money and Finance

Money and Finance

Glossary and Terms


Bank - A financial institution that accepts deposits and makes loans.

Bank note - The official name for paper money. Other names include bills, cash, and legal tender.

Barter - To trade one good or service for another good or service.

Bureau of Engraving and Printing - The division of the U.S. Department of the Treasury that is responsible for printing paper money.

Budget - A plan for spending money based on expenses and income.

Capitalism - An economic system where businesses and industry are controlled by private citizens rather than the government.

Check - A written order that directs the bank to pay money to a person or business.

Command economy - An economic system where the government owns production of goods and services and determines prices. Communist societies are based on a command economy.

Counterfeit - To make a fake copy of something, like money, in order to use it illegally.

Credit card - A card issued by a bank or other financial institution that can be used to make purchases on loan. The loan must be paid back at the end of the month or interest will be charged.

Currency - The system of money that is used in a region or country.

Debt - Something that is owed to another person or business, usually money.

Deposit - An amount of money that is placed in the bank for safekeeping.

Federal Reserve Notes - The official name of United States paper money.

Free market economy - An economic system with little or no government intervention where pricing is based on supply and demand.

Income - Money that is received for work or through an investment.

Inflation - The rate that the overall prices for goods and services is increasing.

Inheritance - Money or property that is passed from one person to another upon the owner's death.

Interest - The charge for borrowing money or the payment for lending money.

Insurance - A contract to pay for protection against the loss of something such as a house or car.

Investment - Using money to make additional income or money in the future.

Law of Supply and Demand - The idea that pricing will be set by the demand consumers have for the product together with the supply provided by manufacturers.

Legal tender - Money that must be accepted in a country when offered for payment for a good or service.

Loan - Something that is borrowed, in this case money, that must be paid back with interest typically over a certain length of time.

Mint - A facility that manufactures coins for use as money.

Monopoly - When one company gains exclusive control of the production of a product or service. A company becomes a monopoly when it eliminates all its competition for a product.

Profit - The money that is left over after expenses are subtracted from earnings.

Salary - A regular income that someone is paid for their job. It is generally paid weekly, bi-weekly, or monthly.

Stock - An investment that represents ownership of a company. Each unit in stock is called a share.

Striking - The part of the coining process where the coining press stamps the design of the coin into the metal.

Tax - A portion of money that is taken by the government to pay for government services. The government may place taxes on a variety of activities including income, business, property, and sales.



Learn More about Money and Finance:

Personal Finance

Budgeting
Filling out a Check
Managing a Checkbook
How to Save
Credit Cards
How a Mortgage Works
Investing
How Interest Works
Insurance Basics
Identity Theft

About Money

History of Money
How Coins are Made
How Paper Money is Made
Counterfeit Money
United States Currency
World Currencies 		Money Math

Counting Money
Making Change
Basic Money Math
Money Word Problems: Addition and Subtraction
Money Word Problems: Multiplication and Addition
Money Word Problems: Interest and Percent

Economics

Economics
How Banks Work
How the Stock Market Works
Supply and Demand
Supply and Demand Examples
Economic Cycle
Capitalism
Communism
Adam Smith
How Taxes Work
Glossary and Terms

Note: This information is not to be used for individual legal, tax, or investment advice. You should always contact a professional financial or tax advisor before making financial decisions.

Back to Money and Finance


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