Financial Math

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Common terms

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- Budget - Debit  - Credit  - Income  - Principal  - Asset 

Budget 

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Spending plan which is based on income and expenses in order to meet financial obligations.  

Debit 

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The amount of money that flows into a particular account.

Credit 

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A record of all of the money that flows out of a particular account. 

Income 

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Money that is received by a person or business through investments, employment, or business transactions.  

Principal

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The amount of debt, exclusive of interest, that is remaining on a loan. 

Asset 

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A particular resource that holds value. This may be intangible, tangible, owned or controlled.  

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