Financial Terms

A budget is a financial plan that outlines the projected income and expenses for a…

Expenses are the costs incurred by an individual or organization in order to earn income…

Income is money that is received by an individual or organization, typically on a regular…

Net worth is a measure of an individual or organization’s financial health. It is the…

A liability is a debt or something that an individual or organization owes to someone…

An asset is something that has value and can be owned by an individual or…

FICO score is a type of credit score that is widely used by lenders to…

Credit is the ability to borrow money or the ability to obtain goods or services…

Compound interest is the interest on a loan or deposit calculated based on both the…

Interest is the cost of borrowing money, typically expressed as a percentage of the amount…