Shared Flashcard Set

Details

Unit 3 Flashcards
Budgeting
20
Other
12th Grade
10/25/2006

Additional Other Flashcards

 


 

Cards

Term
Budget
Definition
a plan for managing money during a given period of time.
Term
Income
Definition
any money coming in.
Term
Gross Income
Definition
total amount of income from your wages or salary before payroll deductions.
Term
Payroll Deductions
Definition
the amounts subtracted from gross income.
Term
Taxes
Definition
fees placed on income, prperty, or goods to support gov. programs.
Term
Federal Income Tax
Definition
a fee for the support of federal government programs.
Term
State Income Tax
Definition
a fee collected by your employer and paid to the state revenue department to support state programs.
Term
social security tax
Definition
collected from most employees to fund this federal program, which provides old age survivors, and disability insurance.
Term
Medicare taxes
Definition
collected from most employees to fund the hospital insurance.
Term
Net Income
Definition
"take home pay." the amount you receive when you cash your check.
Term
Expenses
Definition
money you spend on your needs and wants.
Term
Fixed expenses
Definition
have set dollar amounts and are the exact amount every time.
Term
variable expenses
Definition
can change, you usually have more control over them.
Term
Cash Management
Definition
how you handle money coming in and going out.
Term
P.Y.F.
Definition
pay yourself first
Term
ways to handle your cash.
Definition
checking accounts, ATM, and quick check account
Term
how to get the best deal.
Definition
shop around, ask around, read fineprint, review magazines, newspapers and TV and product consumer reports.
Term
Insufficient funds
Definition
bouncing checks.
Term
ATM Feees
Definition
fees for using the ATM
Term
What could not be called income?
Definition
Interest paid on a loan
Supporting users have an ad free experience!