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chapter 14 vocab
vocab
17
Finance
7th Grade
11/18/2013

Additional Finance Flashcards

 


 

Cards

Term
Income
Definition
the amount of money a person recieves or earn regularly
Term
gross pay
Definition
total pay
Term
net pay
Definition
take-home pay
Term
withheld
Definition
to take out (as in money from a paycheck)
Term
imcome tax
Definition
tax paid to the government on income earned
Term
social security
Definition
a federal government program that provides benefits for people of all ages
Term
Medicare
Definition

A health program provided by retired person

 

Term
F.I.C.A.
Definition
a law having to do with the taxes that are withheld from paycheck
Term
budget
Definition
a plan for saving and spending money
Term
fixed expenses
Definition
people already agreed to pay and must be paid by a particular date
Term
flexible expenses
Definition
people can easily than fixed expenses
Term
interest
Definition
money that banks pay depositors for their use of money
Term
scholarship
Definition
money for education for their need,or for their athlethic or academic achievement
Term
loan
Definition
borrowed money that must be repaid
Term
work-study program
Definition
a program allows students to earn money in school for part time job
Term
grant
Definition
money provided by the government, schools, or private donors
Term
prioritize
Definition
put in order from first to last or from most important to least important
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