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

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Cards

Term
Income
Definition
the amout of money a person receives or earn regularly.
Term
Gross Pay
Definition
Total pay
Term
Net Pay
Definition
Take-home pay
Term
Withhold
Definition
To take out [ as in money from a paycheck
Term
income tax
Definition
tax paid to the goverment on income earned.
Term
social security
Definition
a fedral goverment that provide benefits for people all ages.
Term
medicare
Definition
a health care program provdie by the fedral goverment primarly for retired person.
Term
F.I.C.A.
Definition
the fedral insurance contribution act, a law having to do with the taxes that are withheld from paycheck and contributed to the social securtiy program.
Term
buget
Definition
a plan for saving and spending money
Term
fixed expenses
Definition
expenses that come irregularly or already agreed to pay and that must be paid by a particular date.
Term
flexible expenses
Definition
expenses that come irregularly or people can adjust more easily than fixed expenses.
Term
loan
Definition
borrow money that must repaid.
Term
interest
Definition
money that banks pay depositors for use of thier money
Term
scholarship
Definition
a achievement that you get your degree from for money
Term
work-study program
Definition
a program that allows student earn money by working full time or part time.
Term
grant
Definition
money that for education provide by government,school, private donors.
Term
prioritize
Definition
to put in order first to last
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