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Financial Literacy: Balance

Terms

Balance

To balance

 

To verify the amount of money in your bank account

When I was trying to balance my checking account, the numbers were wrong because I forgot to deduct my monthly utility payment.

Balance sheet

An accounting statement

You can examine the balance sheet of a business to find out the assets it owns, and its liabilities (debts) on a specific date.

Minimum Balance

Amount of money a bank requires be kept in an account.

At that bank, you need to have a minimum balance of $500 in your account at all times; if you have less money than that, there is a fee for writing a check.

Balanced view

To look at both sides of a topic

The mayor listened to the neighbors and to the school planners in order to form a balanced view about the impact of the new building on traffic.