Shared Flashcard Set

Details

Unit 3 Flashcards
budgeting
20
Other
12th Grade
10/24/2006

Additional Other Flashcards

 


 

Cards

Term
Medicare
Definition
Tax used to fund hospital insurance provided under the social security system.
Term
Social Security
Definition
A tax used to provide support to old age, survivors, and disability insurance.
Term
Net
Definition
Gross income minus deductions
Term
expenses
Definition
Any money spent or given away
Term
budget
Definition
A plan for spending and saving money
Term
Variable
Definition
Expenses that change from month to month
Term
Taxes
Definition
Fees used to support government programs
Term
Income
Definition
Any money a person recieves
Term
Cash Management
Definition
Sometimes referred to as "Cash Flow"
Term
P.Y.F
Definition
Pay Yourself First
Term
State
Definition
A tax collected by the employer and paid to the state revenue department.
Term
Deductions
Definition
Amounts subtracted from gross income
Term
Gross
Definition
The amount of income before deductions
Term
Fixed
Definition
Expenses that have a set dollar amount each month
Term
Federal
Definition
Taxes paid to the Internal Revenue Service. (IRS)
Term
Checking Account
Definition
You can write checks for regularly occuring bills.
Term
ATM
Definition
You can take out cash using a personal identification number(PIN)
Term
Quick Check Account
Definition
Debit card linked to your checking account
Term
Overdraft Protection
Definition
a short term loan from the bank to cover the account in which you overdrew your account.
Term
Insufficient Funds
Definition
If you write a check for money that you have in your account, you bounce your check
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