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

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Term
income
Definition
the amount of money a person receives or earns 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 federal govenment program that provides benifits for people of all ages
Term
medicare
Definition
a health care program provided by the federal government primarly for retired people
Term
F.I.C.A.
Definition
The federal insurance contribution act a law having to do with taxes that are withheld from paychecks and contribution to the social security program
Term
buget
Definition
a plan for saving and spending money
Term
fixed expenses
Definition
expensesthat people have already agreed to pay and that must be paid by a particurlar date
Term
flexible expenses
Definition
expenses that come irregularly or that people can adjust more easily than fixed expenses
Term
interrest
Definition
money that bank pays depositors for use of their money
Term
schorlarship
Definition
money for edcation awarded to students because of their need or for academic or athletic achiment
Term
loan
Definition
borrowed money that must be repaid
Term
work-study program
Definition
a program that allows students to earn their edcation by working full or part time jobs in a related field while they are in school
Term
grant
Definition
money for edcation provided by the govenment
Term
prioritize
Definition
to put in order from first to last
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